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FYROM: Central bank bills' interest rate drops to 5%

16. June 2010. | 08:45

Source: MIA

"The crucial significance of this decision comes from the favorable trends at the foreign currency market, thus making the ambiance for implementation of the monetary policy relatively positive", reads NBRM press release.

The Macedonian National Bank (NBRM) has cut the interest rate of bills to five percent.

"The crucial significance of this decision comes from the favorable trends at the foreign currency market, thus making the ambiance for implementation of the monetary policy relatively positive", reads NBRM press release.

Foreign currency reserves amount to EUR 1,694,500,000, providing 4.3 percent coverage of the projected import of commodities and services of next year.

Risks related to developments in Greece, as well as their effect on domestic economy, are still present. However, measures undertaken by the European Union and supported by the IMF are encouraging.

"The bills' interest rate reduction is to have a favorable reflection on the banks' credit activity. It is of crucial significance that the existing level of foreign currency reserves enables the cancelling of possible negative trends in the coming period", reads the press release

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