WORLD ECONOMIC & MARKET DEVELOPMENTS
GREECE: According to the local press, in a meeting of the Economic Policy Council that took place yesterday, Deputy Prime Minister Yannis Dragasakis requested the speed up of the necessary procedures for the development of the new bank recapitalization framework. The said framework, initially agreed to have been finalized by mid-October under the MoU conditionality, is reportedly expected to be submitted to the Hellenic Parliament next Tuesday, October 20.
SOUTH EASTERN EUROPE
BULGARIA: Inflation was broadly unchanged on both a monthly and annual basis in September. Consumer prices edged up to -0.1%MoM/+0.1%YoY in September compared to 0%MoM/0%YoY in August. Separately, the rate of registered unemployment fell for the fifth month running in September coming in at 9.2% down 9.3% in August, recoiling further below an 8-month high of 11.09% hit in January and a 10.5% print in September 2014.
SERBIA: At its monetary policy meeting on Wednesday, the National Bank of Serbia (NBS) cut its key policy rate by 50bps, for the third month running, to a new record low of 4.50%, in line with our expectations and against a market median forecast for the stable interest rates.
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