Bulgaria with Lowest Base Interest Rate in Two Years
The Bulgarian National Bank (BNB) has lowered Bulgaria's base interest rate by 0,43 percentage points bringing it to its lowest level since January 2007.
Thus, starting March 1, 2009, Bulgaria's base interest rate will be 3,49%, which is a 1,68 percentage points drop since the beginning of the year when it stood at 5,17%.
In December 2008, Bulgaria's base interest rate reached its highest value in ten years - 5,77%.
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How can it be that Eurozone interest rates are a 2%, yet Lev interest rates are at over 5% (and mortgages are around 10%) when one is pegged to the other. Must be costing the government a fortune or there is some serious trouble coming Bulgaria's way. Devaluation? Many "economists" in the UK are expecting BG and RO to be running to the IMF within weeks.... I sure hope not.