The Central Bank of the Republic of Azerbaijan has published a research working paper in the Geneva Graduate Institute’s working paper series under the Bilateral Assistance and Central Bank Capacity Building (BCC) programme, analysing how liquidity conditions influence volatility in the overnight interbank interest rate and presenting policy recommendations. The paper was prepared within a joint programme with the Swiss State Secretariat for Economic Affairs (SECO) and the Geneva Graduate Institute. Authors include the central bank’s General Director Vugar Ahmadov and Research Department staff Aygun Garayeva, Elmir Mukhtarov and Ali Hajili, who worked on the project for three months in 2025 with an external expert; the working paper was published on the Geneva Graduate Institute platform in March and has also been posted on the central bank’s website. The central bank noted that collaboration under the BCC programme has been ongoing since 2014, with earlier staff research made available on the programme’s platform, and indicated that similar projects are planned to continue in coming years.
Central Bank of the Republic of Azerbaijan 2026-03-31
Central Bank of the Republic of Azerbaijan publishes BCC programme study on liquidity-driven overnight interbank rate volatility
The Central Bank of the Republic of Azerbaijan has published a research paper under the Bilateral Assistance and Central Bank Capacity Building programme analysing how liquidity conditions influence volatility in the overnight interbank interest rate and setting out policy recommendations. Prepared jointly with the Swiss State Secretariat for Economic Affairs and the Geneva Graduate Institute and released on both institutions’ platforms, it forms part of an ongoing research collaboration the central bank plans to continue.