March 13 (SeeNews) - North Macedonia's central bank said on Wednesday it decided to keep its key policy rate unchanged at 6.30% as the existing monetary policy setting is considered to be appropriate for the prevailing economic conditions.
The central bank also decided to keep unchanged the interest rate on overnight deposits at 4.20% and the rate on seven-day deposits at 4.25%, it said in a press release.
The central bank will offer 10 billion denars ($177.3 million/162.2 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 January.
The current level of the key interest rate, in combination with changes in the mandatory reserve and macroprudential measures taken so far, will contribute to further slowing down inflation and maintaining exchange rate stability, the central bank said.
Annual inflation is decelerating, registering a 3% rate in February. This slowdown can be attributed to lower pressures from food and energy prices, as well as from less volatile categories, as stated by the central bank.
North Macedonia's central bank raised its key policy rate five times in 2023, after increasing it eight times in 2022.
(1 euro = 61.66 denars)