Macedonia's central bank cuts rate to 3.75%

Macedonia's central bank announced May that it cut its key central bank bills rate to 3.75% from 4% due to the sufficient level of foreign exchange reserves, newswires reported, citing a statement from the bank.

The bank also cut its projections for the country's GDP growth in 2012 to 2% from 2.4%, although the bank added that it expects an acceleration to 3.7% in 2013.