Daily Insight -- Interest rates could decline

​Over the past two weeks, the MoF has been cutting interest rates and should continue to do so, but this depends on demand at today's auction. The MoF will offer five bonds with maturities from 70 days to two years. Over the past few weeks, the MoF sold 5-month bonds at 14.30%, 9-month and 11-month bonds at 15.20%, and 2-year bonds at 15.40%. However, in anticipation of another NBU key monetary rate cut, if the market does not accept lower rates, the MoF could cancel today's auction.