Azerbaijan’s Central Bank keeps key rate at 6.5%, raises current account surplus forecast

According to the CBA, annual inflation stood at 5.5% in September 2026, down 0.2 percentage points from August. The bank projects inflation at 5.9% by the end of both 2026 and 2027.

Azerbaijan’s foreign exchange market continues to record excess supply. During the first nine months of 2026, foreign exchange offices purchased $759 million more in cash foreign currency from customers than they sold. The country’s foreign exchange reserves rose by 33.4% to $15.4 billion over the same period.

The CBA also revised upward its current account surplus forecasts, projecting $8.5 billion in 2026, equivalent to more than 10% of GDP, and $5.4 billion in 2027, or over 6% of GDP. The revision reflects favorable export commodity prices and continued growth in non-oil and gas exports.

The bank said inflation risks remain linked to global geopolitical uncertainty and potential increases in energy and food prices. It will continue monitoring economic indicators and foreign exchange market developments when making monetary policy decisions.

The next decision on the interest rate corridor is scheduled for December 23, 2026.

Earlier, Qazinform reported Azerbaijan secured a $40 million ADB loan to boost women-led businesses and farming.