At a meeting of the Board on Thursday, the Central Bank decided to cut the interest rate by 1 percentage point to 16% per annum, the Bank said in a statement.
In mid-March, the Central Bank raised the rate by 3 percentage points from 14 to 17%. The decision was reportedly aimed at ensuring macroeconomic and financial stability, contain the growth of devaluation and inflationary expectations, maintain savings activity in the national currency and mitigate the impact of external risks on the economy.
