Central bank decides to keep key policy rate at 9.5%

The Executive Board of the National Bank of Serbia (NBS) decided on Thursday to keep the reference interest rate at 9.5 percent.

Izvor: Tanjug

Thursday, 10.05.2012.

17:02

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The Executive Board of the National Bank of Serbia (NBS) decided on Thursday to keep the reference interest rate at 9.5 percent. The drop of the inter-annual inflation continued and according to previous announcements, the rate is expected to hit its minimum in April, when it should oscillate around the lower limit of the allowed deviation from the target rate. Central bank decides to keep key policy rate at 9.5% The NBS Executive Board decided to keep the reference interest rate unchanged since the inter-annual inflation should increase as of May on grounds of the start of the new agricultural season, as well as the growth of import costs from the previous period and the increase in government-regulated prices in the second half of the year. On January 19, the reference interest rate was reduced from 9.75 percent to 9.5 percent. The NBS Executive Board underscored that the changes of the reference interest rate in the next period would largely depend on the pace and intensity of fiscal consolidation conducted by the future government, in addition to the continuation of the arrangement with the International Monetary Fund. Achieving stability in terms of prices and finance would be possible with a less restrictive monetary policy in case fiscal consolidation and structural reforms are conducted more efficiently, the release notes. During the next session, the Executive Board would decide on the reference interest rate would be held on June 7. During the Thursday sitting, the Executive Board discussed and adopted the May report on inflation which would be presented to the public on May 16. Tanjug

Central bank decides to keep key policy rate at 9.5%

The NBS Executive Board decided to keep the reference interest rate unchanged since the inter-annual inflation should increase as of May on grounds of the start of the new agricultural season, as well as the growth of import costs from the previous period and the increase in government-regulated prices in the second half of the year.

On January 19, the reference interest rate was reduced from 9.75 percent to 9.5 percent.

The NBS Executive Board underscored that the changes of the reference interest rate in the next period would largely depend on the pace and intensity of fiscal consolidation conducted by the future government, in addition to the continuation of the arrangement with the International Monetary Fund.

Achieving stability in terms of prices and finance would be possible with a less restrictive monetary policy in case fiscal consolidation and structural reforms are conducted more efficiently, the release notes.

During the next session, the Executive Board would decide on the reference interest rate would be held on June 7.

During the Thursday sitting, the Executive Board discussed and adopted the May report on inflation which would be presented to the public on May 16.

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