CNB Board members backed Feb 22 rate cut by 6-1

Six members of the CNB Board voted in favour of the cut in the two-week repo rate by 0.25 percentage points to 5 pct, and one member was in favour of leaving rates at their current level, according to the minutes of the CNB Board meeting held on Feb 22 which were published on Mar 6, 2001.

The Board also agreed unanimously to lower the discount rate to 4 pct and the Lombard rate to 6 pct. The discount and Lombard rates would continue to change in proportion to the repo rate. However, the Board