Thursday, March 10, 2011

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Bocana and Reference Rate: 3.75% now is

a result of soaring international prices (particularly oil and food), inflation is being felt internally, as evidenced by the 0.77% cumulative only in the first quarter.

Aware that you can not let the situation get out of control, or to repeat what happened in 2008, when annual inflation reached 6.7% (its highest level in twelve years), the Central Reserve Bank (BCR) is implementing the measures that apply. To that end, today announced, through Briefing Note, a further increase in interest rates reference to monetary policy, from the 3.50% provided only a month ago, to 3.75%.

As is known, the Central Bank sets the rate according to their assessment of the macroeconomic situation, and then ensures that the rates on loans granted by the banking system was closer to her. Thus influences the overall cost of credit in the economy by raising the rate, raises the financial cost to the productive sector, thus preventing the economy which is growing strongly, overspeed and incurring overheating capable of generating inflation.

Thus, the Authority contributes, from his trench, to reduce the momentum of demand, and to counter price pressure comes from outside. Obviously, the Ministry of Economy and Finance (MEF) also has to do its part, spending moderating, otherwise neutralize the efforts of the Central Bank.

As can be seen in the graph, with the recent rate hikes is nearing, slowly, the level of 4.5% stake in the peaceful year 2006, before that international inflation first, and the financial crisis, then forced to rise and decrease, respectively, in both cases very rapidly.
Posted by admin at 3:56 PM

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