Belgium Cuts Treasury Certificate Rates

The Belgian National Bank said it cut its one, two and three month treasury certificate rates effective immediately.

It said in a telex message the key three month rate was reduced by 0.05 points to 7.25 pct, the two month rate by 0.10 points to 7.20 pct and the one month rate by 0.15 points to 7.15 pct.

The Bank last adjusted its short-term treasury certificate rates on April 3, when all three rates were cut by 0.10 points.

It has made regular small reductions in rates after hoisting the three month rate 0.50 points to 7.90 pct and the other rates to eight pct on January 6 ahead of the realignment of the European Monetary System.

The National Bank bought more than 7.91 billion francs of foreign currency in the week ended April 13, a National Bank spokesman said last week. Foreign exchange analysts noted this reflects the current strength of the Belgian franc.