site.btaCentral Bank Lowers Base Interest Rate to 3.78% as of May 1

The Bulgarian National Bank (BNB) Tuesday announced a base interest rate of 3.78% as of May 1, 2024.

This is the second decrease after the central bank lowered the rate by 0.01 percentage points from March.

Due to the increase in interest rates in the euro area triggered by record high inflation, in September 2022 the BNB announced for the first time since 2016 a positive base interest rate, raising it from 0.0% to 0.49%. The BNB continued to increase it until it reached 3.8% in December 2023. In January 2024, the base rate was lowered to 3.79% and remained unchanged in February. As of March 1, the BNB raised it again to 3.8%.