The last time the central bank cut the rate was on 29 January this year, when rates were lowered from 11% to 10.5%. Last year the rate was cut twice, each time by 50 basis percentage points. On December 26 2005 rates were cut by one percentage point from 13% to 12%.
The easing of monetary policy conditions comes in spite of a buoyant economy. In the conclusions from its Article IV consultation in May this year, the