nbs speech, 2006-10-18
It is precisely the restrictive monetary policy of the NBS that gave a decisive contribution to a decline in inflation, and to the fact that, now that the policy interest rate on two-week repo operations amounts to 18 percent, with annual inflation dropping to 11.6% in September, banks are starting to reduce their interest rates on credits, even though the much criticized measure of the central bank - increase in the reserve requirement on short-term external borrowing of banks - introduced as far back as May this year, is still in force.
Sentiment: neutral
Topic: mp_inflation