News
Research by Central Bank staff published in Geneva Graduate Institute’s Working Paper Series
31-03-2026
31 March 2026, Baku: The Central Bank has published a new research study titled ‘Overnight Interbank Rate Volatility Across Liquidity States: Key Drivers and Policy Implications’ as part of a joint program by the Swiss State Secretariat for Economic Affairs (SECO) and the Bilateral Assistance and Capacity Building for Central Banks (BCC).
The authors of the research study – Central Bank Executive Director Vugar Ahmadov and Research Department staff Aygun Garayeva, Elmir Mukhtarov, and Ali Hajili worked for three months in 2025 alongside an international expert on the scientific research. The resulting study was published in March in the Geneva Graduate Institute’s Working Paper Series.
You can access the working paper via the following link:
The corresponding research is also available on the Central Bank’s official website in the Working Papers section:
https://uploads.cbar.az/assets/c404c319f12b7d12586dae457.pdf
The cooperation under the BCC program has been continuing successfully since 2014. Research studies conducted by Central Bank staff over the years have been published as working papers on the program’s platform and are accessible to the international scientific community (https://bccprogramme.org/research/).
The Central Bank attaches great importance to strengthening its research capacity and achieving international recognition for its research studies. Related projects are planned to continue actively in the coming years.
Working papers published in recent years under the BCC program are available for reference at the following link:
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