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Press release of the BCT Executive Board meeting held on 26 July 2017



In the beginning of its works, the BCT Executive Board’s periodical meeting, held on 26 July 2017, considered recent developments in the international economic situation, before analysing main economic, financial and monetary indicators at the national level, while outlining the economic activity’s recent data and trends and the conduct of transactions on the money and foreign exchange markets, as well as the liquidity situation and the banking sector’s activity.

In this regard, the Board underlined the pursued worsening of the current deficit following the continuous foreign trade deficit’s widening, in line with persisting inflationary pressure.

On the other hand, and in the framework of the missions assigned to the BCT regarding preservation of financial stability and its contribution to the implementation of a macro-prudential policy, the Board discussed a set of strategic orientations which will be adopted by the Bank over the forthcoming period, related to financing of the economy, setting up of macro-prudential standards and monitoring risks inherent to financing granted by banks  and financial institutions, including Islamic finance tools.

In this context, the Board examined setting of assets eligible for refinancing in the framework of the BCT monetary policy operations, capable of meeting the requirements of an adequate financing of the economy, particularly the productive sectors.

Following discussion and deliberation on the above-mentioned points, the Board highlighted the need to carry on with a close monitoring of the trend in the external payments’ deficit and risks of inflationary pressure, as well as their repercussions on financial balances, and decided to keep unchanged the Central Bank’s key interest rate.