26 December 2025, Baku: The Central Bank of the Republic of Azerbaijan is implementing a research project under the joint program of the Swiss State Secretariat for Economic Affairs (SECO) and the Graduate Institute of International and Development Studies (Geneva) on Bilateral Assistance and Capacity Building for Central Banks (BCC). The project focuses on the topic ‘Responsiveness of overnight interbank rates to intra-maintenance period liquidity conditions.’ Under the program, one of the study’s authors, Executive Director of the Central Bank Vugar Ahmadov, together with staff members of the Research Department—Aygun Garayeva, Elmir Mukhtarov, and Ali Hajili—worked closely with an international expert over a three-month period during the current year. The research project is expected to be finalized by the end of January 2026 and published as part of the program’s working paper series on its official platform.

Cooperation under the BCC program has been successfully ongoing since 2014. Research papers elaborated by Central Bank staff in different years have been published as working papers on the program’s platform and are accessible to the international academic community (https://bccprogramme.org/research/). By fostering direct cooperation between researchers and international experts, strengthening research capacity, and promoting the dissemination of research findings on international platforms, the program makes a significant contribution to enhancing the Central Bank’s international reputation.

The Central Bank attaches great importance to strengthening its research capacity and ensuring international recognition of its research outputs. Relevant projects are planned to continue actively in the coming years.

For reference, several working papers published in recent years under the BCC program can be accessed via the links below:

https://bccprogramme.org/wp-content/uploads/2025/08/HEIDWP12-2025-Bakhshaliyev-Ahmadov.pdf

https://bccprogramme.org/wp-content/uploads/2022/10/Huseynov_Valirzayev_Ramazanova-HEIDWP23-2022.pdf

1

1.40 MB