Key interest rates hold steady

IN LINE with market expectations, the National Bank of Slovakia (NBS) Bank Board kept all key interest rates on hold for the fourth month in a row.

The board decided on the key rates on August 28. The two-week repo rate remains at 4.25 percent, while the overnight rate for refinancing operations stays at 5.75 percent, and the overnight rate for draining excess market liquidity remains at 2.25 percent, NBS spokesperson Jana Kováčová told the TASR newswire.

There haven't been any significant differences in the economy's development in the past month, NBS governor Ivan Šramko said in a statement explaining the move.

"In light of this fact, the Bank Board has decided to retain the current levels of rates," Šramko said. "None of the Bank Board members submitted a proposal to change the rates."

The governor said the year-on-year growth dynamics of inflation have continued to slow down. Compared to NBS expectations, growth in July was slightly slower, which was influenced by changes to foodstuff prices, which have been extremely volatile.

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