The Implications of the New Monetary Policy Direction

Publishing date: Monday, 28 November 2011
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Views: 5192

Economic Commentary, no. 123

After a continuous monetary policy tightening followed during the last 2 years, the central bank decided to reduce its policy rate by 0.5 percentage points. We explain the main reason for this policy shift, which occurred in a period when the annual headline inflation is still above the NBM’s target, while the economic growth is still robust.

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