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Azerbaijan monetary policy and banking sector developments

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2026-11-02 07:44 UTC → 2026-11-03 13:22 UTC · added ~~removed~~

Azerbaijan monetary policy and ~~exchange rates~~ banking sector developments

In late October 2026, the Central Bank of Azerbaijan decided to maintain its key interest rate at 6.5 percent. This decision followed a period where annual inflation was recorded at 5.5 percent in September, which was within the bank's target range. The bank noted that inflation risks are linked to global geopolitical uncertainties and potential changes in energy and food prices. By early November 2026, the official exchange rate for the U.S. dollar against the Azerbaijani manat remained stable at 1.7000. Other rates for the euro, Turkish lira, and Russian ruble were also established. On November 2, 2026, Bank Respublika announced the completion of a strategic acquisition of 100 percent of AccessBank shares. Through this transaction, AccessBank’s former shareholders became shareholders of Bank Respublika via newly issued preferred shares. The merger is intended to create one of Azerbaijan’s largest banks. While legal and operational integration continues, both institutions will maintain their existing brands to ensure uninterrupted service. Tariyel Ismayilov is set to lead the Board of Directors of AccessBank and will become the Chairman of the Board for the merged entity, while Aslan Abasova has been appointed to temporary duties as Chairman of the Board of Bank Respublika.

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