Azerbaijan’s central bank said on Friday it kept the key refinancing rate unchanged at 6.25 percent.

It said that lower level of a corridor was kept at 5.75 percent, and its upper level at 6.75 percent.

The refinancing rate has not been changed since December 18. Last year the rate was cut five times to 6.25 percent from 7.50 percent.

“Decisions have been made are made taking into account the consequences of the pandemic, the pace of economic recovery, the probability of internal and external risks,” the central bank said in a statement.