NBM to sell treasury bills only once a month.
"We are introducing changes in the operative framework for implementation of the monetary policy. We have introduced for the first time operations for securing liquidity," National Bank Governor Dimitar Bogov explained.
At the auctions, Bogov said, the interest rate will be cut to around 4 percent. In his view, as it is, banks have enormous credit potential and liquid funds they can use for crediting. This year, according to Bogov, the amount of treasury bills went up by 10 billion denars, a surplus created as a result of purchasing foreign currency.
"We are not going to sterilize the surplus of funds. Instead, we are going to direct them into other instruments," Bogov explained.
He informed that the projections of the National Bank that the economic activity would slow down, which reduces both export and import, are generally being realized.
"In the first quarter, we expect the foreign exchange reserves to decline by 4 billion euros, yet this year we have a stable level of foreign ex-change reserves," Bogov said.
The credit growth, too, the Governor said, decreased in the first two months, which means it may well be below the projection.
|Printer friendly Cite/link Email Feedback|
|Title Annotation:||BUSINESS NEWS|
|Publication:||INFOMAC Daily News Service|
|Date:||Apr 9, 2012|
|Previous Article:||Government delegation seeks investments in Russia.|
|Next Article:||Qatar delegation of experts visiting Macedonia.|