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Macedonia’s central bank cuts key rate

The National Bank of the Republic of Macedonia (NBRM) said on May 13 it has decided to cut its key interest rate to 1.5% from 1.75% after consumer prices declined for the first time in five months and to support the economy from the COVID-19 shock. 

Photo by Piotr Swat / Shutterstock.com

The move follows two rate reductions by a similar margin during the January and March meetings and brings borrowing costs to its lowest level since records began in January of 2002, Trading Economics reported.

The overnight credit rate was also lowered by 25 basis points to 2% at the same time, while the overnight deposit rate was held steady at 0.15%, Trading Economics added.