Bulgaria's Central Bank Cuts Main Interest Rate

Bulgarian National Bank (BNB) has lowered the benchmark interest rate from 0.05% to 0.03%.

The measure comes into force just a day after BNB announced it would slash interest rates on deposits at the Corporate Commercial Bank (KTB), Bulgaria's fourth-largest bank which was placed under special supervision in mid-June after its Governing Council requested the step citing exhaustion of liquidity.

KTB and its subsidiary Credit Agricole Bulgaria saw rates reduced to their medium market level for the banking system.

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