BoB Cuts Bank Rate To 5.5%

The Central Bank lowered its main lending rate by 50 basis points to 5.5 percent today, following another reduction last year.

According to the bank, the current state of the economy and both the domestic and external economic outlook as well as the inflation forecast provide scope for easing monetary policy to support economic activity without undermining maintenance of inflation within the bank’s medium-term objective range of 3 – 6 percent.