NBS keeps key policy rate at 11.75 percent

The Executive Board of the National Bank of Serbia (NBS) decided at its meeting on Tuesday to keep the reference interest rate at 11.75 percent.

Izvor: Tanjug

Tuesday, 12.03.2013.

14:30

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BELGRADE The Executive Board of the National Bank of Serbia (NBS) decided at its meeting on Tuesday to keep the reference interest rate at 11.75 percent. The board estimated that the present degree of monetary restrictiveness ensures, all other things unchanged, a return of inflation within the target tolerance band by the end of the year, an NBS statement said. NBS keeps key policy rate at 11.75 percent Although year-on-year inflation is above the target, this estimate is underpinned by the low monthly rates of inflation during the last four months as a result of the monetary measures taken so far. The board assessed that the decline in year-on-year inflation will also be supported by the consistent implementation of the fiscal consolidation program, achievement of a precautionary arrangement with the IMF, expected stabilization of agricultural prices, as well as implementation of the announced adjustments in administered prices. The monetary policy measures taken so far acknowledge the strength and character of inflationary pressures and show strong commitment to bring inflation back within the target tolerance band. According to the statement, the board believes that besides NBS measures, a drop in inflation will also be aided by low aggregate demand, stable foreign exchange market, waning of the effects of one-off shocks like past food price increases, as well as by diminished pressures from the external environment. Tanjug

NBS keeps key policy rate at 11.75 percent

Although year-on-year inflation is above the target, this estimate is underpinned by the low monthly rates of inflation during the last four months as a result of the monetary measures taken so far.

The board assessed that the decline in year-on-year inflation will also be supported by the consistent implementation of the fiscal consolidation program, achievement of a precautionary arrangement with the IMF, expected stabilization of agricultural prices, as well as implementation of the announced adjustments in administered prices.

The monetary policy measures taken so far acknowledge the strength and character of inflationary pressures and show strong commitment to bring inflation back within the target tolerance band.

According to the statement, the board believes that besides NBS measures, a drop in inflation will also be aided by low aggregate demand, stable foreign exchange market, waning of the effects of one-off shocks like past food price increases, as well as by diminished pressures from the external environment.

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