National Bank keeps basic interest rate at 6.30%

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The National Bank’s Operational Monetary Policy Committee has decided that the interest rate on CB bills should remain unchanged at 6.3 percent, and the overnight and seven-day loan interest rates remain at 4.2 percent and 4.25 percent, respectively. The supply of CB bills at the regular auction remains unchanged and amounts to MKD 10 billion, the National Bank said on Wednesday.

At the meeting of the Committee, it was assessed that the current setting of the monetary policy is appropriate to the conditions in the economy. Thus, the interest rate on treasury bills remains at the level of 6.30%, and the interest rates on overnight and 7-day deposits at the levels of 4.20% and 4.25%, respectively. The offer of treasury bills at the regular auction is also unchanged and amounts to MKD10 billion. It is still expected that the current level of interest rates, together with the previous changes in the mandatory reserve and the macroprudential measures taken, will contribute to further slowing down of inflation and maintaining the stability of the exchange rate. At the same time, the latest changes to the mandatory reserve instrument, the application of which starts from June 2024, mean additional support for the prudent character of the monetary policy.

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