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Sep 20, 2023 13:14 EEST
September 20 (SeeNews) - North Macedonia's central bank said on Wednesday it is raising its key policy rate by 0.15 percentage points (pp), to 6.30%, in a fifth interest rate hike this year, continuing its efforts to combat persistent high inflation.
The central bank also decided to increase the interest rate on overnight deposits by 0.15 pp to 4.20% and the rate on seven-day deposits also by 0.15 pp to 4.25%, it said in a press release.
Domestic inflation remains at a relatively high level despite the continued decrease of prices on a global level. This, coupled with the uncertainty in global markets due to the conflict in Ukraine, requires a continued prudent approach to monetary policy management, the central bank said.
To enhance the current positive impacts on the currency structure of savings and to aid the monetary transmission process, the central bank will increase the compulsory reserve rate for foreign currency obligations to 21% from 20% as of December 20. Furthermore, the compulsory reserves for foreign currency obligations in euros will be increased to 81% from 80% as of the same date.
The central bank will offer 10 billion denars ($173.9 million/162.5 million euro) worth of central bank bills at an auction on Wednesday, unchanged in comparison with the amount offered at the previous auction held in August.
Annual inflation in North Macedonia decelerated to 8.3% in August from 8.4% in July.
North Macedonia's central bank raised its key policy rate five times so far in 2023, after increasing it eight times in 2022.
(1 euro = 61.53 denars)
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