North Macedonia’s central bank raises key rate by 0.25 pp for the third time
North Macedonia’s central bank has raised its key rate for the third month in row due to the steadily rising inflation. The rate was increased by 0.25 of a percentage point (pp), as in the previous two months, to 2%, it said on June 15.
Before the latest series of increases, the key rate, which is also the rate for central bank (CB) bills, was unchanged at 1.25% since March 10, 2021.
“Based on the latest indicators, it was decided the process of gradual normalisation of the monetary policy to continue in order to maintain the medium-term price stability,” the central bank said in the statement.
In terms of price hikes, in the first five months the inflation averaged 9.1%, which is moderately higher compared to central bank’s projections.
“The Food and Agriculture Organization (FAO) index in the last two months shows downward corrections in world food prices, but still the military developments in Ukraine, as well as the situation in the supply chains, bring uncertainty about the further movement of inflation,” the central bank said.
Meanwhile, North Macedonia sold MKD6.516bn (€105.6mn) of 28-day CB bills on June 15 with an increased interest rate of 2%, missing the target offer of MKD10bn.
The next auction of CB bills is due to be held in mid-July.
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Russia’s strong growth, driven by heavy military spending, has created growing inflationary pressure as the economy starts to overheat, the Bank of Finland institute for Emerging Economies (BOFIT) says in its weekly update.
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