Skopje, 22 October 2003
Press release of the NBRM
Starting from today,October 22, 2003, the National Bank changed its technique for conducting the CB bills auctions, which is one of the main instruments for regulating the money supply, and started to apply a tender with variable interest rates instead of the fixed interest rate on the CB bills, with the National Bank of the Republic of Macedonia setting only the maximal interest rate, which equals 7%.
The results from that change were obvious on the first auction held today, during which an interest rate (weighted) of 6.57% was registered. The minimal interest rate equaled 6.00%, while the highest accepted interest rate within the offered amount for sale of the CB bills equaled 6.87%.
The market creation of the interest rates made during the CB bills auctions by the banks, is a result of the favorable movements on the foreign exchange market, the stable movement of the Denar exchange rate relative to the Euro, as well as of the restrictive fiscal policy. These macroeconomic preconditions create room for the implementation of more relaxed monetary policy and the accomplishment of the effort of the National Bank for decreasing the interest rates in the banking system, as one of the preconditions for a more dynamic economic growth.
Governor's Office
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