The Central Bank of the Republic of Azerbaijan published an update on a research project being carried out under the Bilateral Assistance and Capacity Building for Central Banks (BCC) programme jointly supported by Switzerland’s State Secretariat for Economic Affairs and the Geneva Graduate Institute, including a presentation of the project’s main results in Geneva. The study examines how interest rates in the unsecured interbank market respond to liquidity conditions during the reserve maintenance period. The research team, led by Director General Vugar Ahmadov and including Research Department staff Aygun Garayeva, Elmir Mukhtarov and Ali Hajili, worked with a foreign expert for three months, with Mukhtarov presenting the methodology, empirical results and practical relevance and leading discussions with an international audience. The central bank expects to finalise the research by the end of January 2026 and publish it in the programme’s working paper series on the BCC platform.
Central Bank of the Republic of Azerbaijan 2025-12-26
Central Bank of the Republic of Azerbaijan presents BCC programme research on liquidity sensitivity of unsecured interbank rates
The Central Bank of the Republic of Azerbaijan updated its research under the Bilateral Assistance and Capacity Building for Central Banks programme, supported by Switzerland’s State Secretariat for Economic Affairs and the Geneva Graduate Institute. Led by Director General Vugar Ahmadov, the study investigates the response of unsecured interbank market interest rates to liquidity conditions during the reserve maintenance period. The research is expected to be finalized and published by January 2026.