Gross international reserves stood at US$ 2.9bn in August 2018, almost unchanged y/y despite the NBG’s US$ 17.5mn purchase on FX auction. The change in reserves is attributed to government FX operations and/or asset revaluation.
NBG keeps monetary policy rate unchanged at 7.0%
At its meeting on 5 September 2018, NBG’s monetary policy committee decided to keep its key rate unchanged at 7.0%. Annual inflation was 3.1% in August, slightly above the 3.0% target. The decision takes into account the increased macroeconomic risks due to high volatility on regional financial markets, however the committee does not expect a significant deviation of inflation from its target throughout 2018 if risks realize. The next committee meeting is scheduled for 24 October 2018.
