The permissible growth rate of bank placements, without the requirement to purchase compulsory CNB bills, will remain at 12 percent this year. However, amendments to the Decision on the Purchase of Compulsory CNB Bills, to be applied as of the next calculation period, made it easier for banks to distribute this permissible percentage rate throughout the financial year: it will depend on a bank's business and credit policy to determine in which part of the year the permissible12 percent growth rate of placements will be utilised and, of course, to determine the clients and programmes that qualify for their placements as was the case thus far.

This will enable banks to have more seasonal flexibility in applying the Decision on the Purchase of Compulsory CNB Bills within the calendar year thus also enabling them to respond to the specific needs of their clients. This would in certain circumstances be more difficult had the previously determined monthly rates of placement growth remained in force. However, for the purpose of timely monitoring of bank placements, as well as timely implementation of the Decision in cases where a bank exceeds the prescribed limit, banks are required to continue reporting their monthly placement developments to the central bank.

Further adjustments of and amendments to this Decision are not envisaged, apart from possible tightening, should it become obvious in the course of its implementation that it has come to divergence from the objectives of the Decision, which are: to curb loan growth based on foreign borrowing.