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Macedonia's central bank cuts key rate to 3.75 pct

Xinhua, December 15, 2016 Adjust font size:

Following the stabilization of expectations among financial institutions over the past six months and the significantly improved structural liquidity of the banking sector here, Macedonia's central bank decided Wednesday to cut the key interest rate to 3.75 percent from 4.0 percent.

According to the National Bank of Macedonia, the signs of improvement were best visible in the foreign currency market and bank deposits, two sectors that were affected by the protracted political crisis.

Given the positive developments in the currency market, the national bank said it would extend its posture to purchase foreign currency for a sixth month in a row.

The bank purchased 135 million euros (143 million U.S. dollars) from banks over this period and this improved the liquidity of domestic currency in banks.

Meanwhile, deposits have grown since June, both in personal and corporate accounts, Macedonia's central bank said.

Meanwhile, the bank reported that during the third quarter, the economic growth rate was at 2.4 percent, slightly higher than projected.

Growth was largely driven by personal consumption and exports. The inflation rate remains negative, at ­0.2 percent on average between January and November, with a drop in foods and energy prices. Endit