Bulgarian National Bank Sets Base Rate at 0.18%

The Bulgarian National Bank announced on the 31st of January that its base interest rate would be lowered 4 basis points to 0.18% as of 1 February 2012, compared to the previous rate of 0.22%, set in December for January.  The February rate of 0.18% compares to 0.19% in February 2011, 0.24% in February 2010, and 3.92% in February 2009.  Bulgaria reported inflation of 2.8% in December last year.  The Bulgarian economy was unchanged in 3Q11 (0.3% in 2Q11), placing annual GDP growth at 1.3% (2.0% in 2Q11).  Bulgaria's currency, the Bulgarian Lev (BGN), is pegged at 1.95 against the Euro; the USDBGN exchange rate last traded around 1.49.

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