The O/N collateralized loan rate, the top of the range, was lowered from 1.05% to 0.90%, while the O/N central bank deposit rate remained unchanged at -0.05%. The interest rate for the one-week collateralized loan was lowered from 1.00% to 0.90%, according to MTI.
The MC signaled an end to an easing cycle at a policy meeting in May and has since stood by its position on keeping the base rate on hold, MTI added. At the same time, the council has made a number of unconventional monetary policy moves such as limiting the amount and frequency of the MNBʼs three-month deposits, the central bankʼs main sterilization instrument, as well as cutting banksʼ reserve requirement ratio.
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