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Citizens, government call for lower loan interest rates in Macedonia

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The National Bank of Macedonia, along with citizens and businessmen, are urging commercial banks to reduce loan rates as a way to support economic growth in the country.

The National Bank reduced interest in bonds from 4 percent to 3.75 percent in May.

Bond interest rates are a reference point for national banks. They signal the direction of monetary policy and determine the interest rates on the loans the national bank gives to commercial banks to keep them liquid.

Because the country's commercial banks have been keeping their loan rates the same, citizens said the banks are profiting.

 

Read more:  http://www.setimes.com/cocoon/setimes/xhtml/en_GB/features/setimes/features/2012/10/27/feature-02