May 10 (SeeNews) - In Skopje story "N. Macedonia's c-bank raises policy rate to 5.75%" dated May 10, please read in the lead paragraph "...by 0.25 percentage points (pp), to 5.75%..." instead of "by 0.25 percentage points (pp), to 5.27%...” (corrects figure)
A corrected story follows.
North Macedonia's central bank said on Wednesday it decided to raise its policy rate by 0.25 percentage points (pp), to 5.75%, due to continued uncertainties surrounding inflation trends.
The central bank also decided to increase the interest rate on overnight deposits by 0.25 pp to 3.65% and the rate on seven-day deposits also by 0.25 pp to 3.70%, it said in a press release.
Inflation, in combination with uncertain and volatile external environment and existing risks, require further caution from macroeconomic policymakers and an appropriate response in order to anchor inflationary expectations and stabilize inflation on a persistent basis, the central bank said.
Annual inflation in North Macedonia decelerated to 13% in April from 14.7% in March. It has been slowing down since November, but remains above the historical average.
The central bank also decided to offer 10 billion denars ($177.8 million/162.3 million euro) worth of central bank bills at an auction on Wednesday, unchanged in comparison with the amount offered at the previous auction held on March 22.
North Macedonia's central bank raised its key rate by 0.25 pp in March and 0.50 pp in February, after increasing it eight times in 2022.
(1 euro = 61.60 denars)