Bloomberg News

Croatian Central Bank Lowers Lombard Rate to 6.25% From 9%

November 25, 2011

(Updates with central bank quotes in second paragraph.)

Nov. 25 (Bloomberg) -- Croatia’s central bank said it lowered its Lombard lending rate to 6.25 percent from 9 percent as borrowing costs on the country’s money market decline.

“In addition, the central bank is allowing commercial banks to use their reserve funds under certain conditions,” it said in a statement from Zagreb today. “The central bank has to approve the usage of reserves and will charge an interest rate of the Lombard rate plus 1 percent for periods up to 3 months, and Lombard plus 2 percent for longer periods.”

The rate changes will take effect when the decision is published in the official government register.

--Editor:

To contact the reporter on this story: Jasmina Kuzmanovic in Zagreb at jkuzmanovic@bloomberg.net

To contact the editor responsible for this story: Alan Crosby at acrosby1@bloomberg.net


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