Azerbaijan’s Central Bank cut the refinancing rate to 3.5 percent from 4.25 percent.

The decision, effective July 30, is aimed at helping stimulate economic growth and draw in investments in the real sector of the economy, the bank said today.

The Central Bank lowered the rate three times in the past year and a half.

Azerbaijan’s economy expanded 2.1 percent in the first half of 2014 year-on-year. The non-oil economy rose 7 percent.

The government has set the target of doubling the non-oil economy by 2020 to offset a decline in oil production.   

Bakudaily.az