N. Macedonia's c. bank raises key policy rate 

Banking

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North Macedonia's central bank said on Wednesday it decided to raise its policy rate by 0.25 percentage points to 2%, after increasing it by 0.25 percentage points last month.

The country's national bank also decided to increase the interest rate on overnight deposits by 0.25 percentage points to 0.40% and that one on the seven-day deposits by 0.15 percentage points to 0.45%, it said in a press release.

The interest rate hikes are expected to spur the growth of bank deposits in the domestic currency denar, the central bank said. The central bank added it took into account the continuously increasing inflation rate when taking the decision.

The average inflation in the country reached 9.1% in the January-May period, which is moderately higher compared to the central bank's latest projections, it said. 

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