June 14 (SeeNews) - Macedonia's central bank, NBRM, said on Wednesday it has decided to keep the benchmark coupon rate of its 28-day bills at 3.25%, as it assessed the current monetary policy is adequate to the economic situation in the country.
Earlier on Wednesday, NBRM sold 30 billion denars ($547 million/488.1 million euro) of 28-day central bank bills, in line with target. The coupon rate of the bills serves as Macedonia's benchmark interest rate.
NBRM said in a statement that the zero growth of the economy in the first quarter is a result of high import pressures, which counteracted growing exports and private consumption.
The stagnation of the economy in the first quarter of the year creates downside risks to the 2.5% gross domestic product (GDP) growth projection for 2017, the central bank said.
In May, Macedonia's consumer prices added 1.2%, while the average inflation for the first five months was 0.7%. According to NBRM, core inflation and not increased energy prices were the reasons for these inflation rates.
The central bank assessed as balanced the risks to the projection for 1.3% average annual inflation in 2017.
NBRM last changed the coupon rate of its 28-day bills in February, when it decided to cut it from 3.50%.
The next auction of NBRM bills will be held on July 12.