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Central Bank cuts key interest rate by 50 basis points

The National Bank of Slovakia (NBS) again decided to cut its key interest rate from November 12. It thus continues to copy the steps taken by the European Central Bank, which decided upon a further interest rate cut last week. According to an unscheduled decision by the NBS Bank Board, the two-week sterilization repo rate will thus drop by 50 basis points to the level of the key interest rate in the eurozone, i.e. 3.25 percent p.a. The NBS also decided to change interest rates on one-day transactions with the central bank. The one-day refinancing rate will decrease from 4.75 percent p.a. to 4.25 percent p.a., while the one-day sterilisation repo rate will decrease from 2.75 percent p.a. to 2.25 percent p.a. Analysts had expected this step following the NBS Bank Board meeting on November 25.

The National Bank of Slovakia (NBS) again decided to cut its key interest rate from November 12. It thus continues to copy the steps taken by the European Central Bank, which decided upon a further interest rate cut last week. According to an unscheduled decision by the NBS Bank Board, the two-week sterilization repo rate will thus drop by 50 basis points to the level of the key interest rate in the eurozone, i.e. 3.25 percent p.a. The NBS also decided to change interest rates on one-day transactions with the central bank. The one-day refinancing rate will decrease from 4.75 percent p.a. to 4.25 percent p.a., while the one-day sterilisation repo rate will decrease from 2.75 percent p.a. to 2.25 percent p.a. Analysts had expected this step following the NBS Bank Board meeting on November 25.

Slovakia's central bank's interest rate will have to be harmonised with the European one as of Slovakia's entry into the Eurozone from the beginning of next year. SITA

Compiled by Zuzana Vilikovská from press reports
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