The measures the National Bank took in 2008 to maintain financial stability and monetary policy easing considerably neutralized spillover of the global crisis to the banking system and allowed to reduce inflation expectations. Amid deeper global economic crisis, according to the main directions of the monetary policy for 2009 it had announced the National Bank continues monetary policy easing to support macroeconomic rebalancing, financial sector stability and economic activity in the country. As the next related step, the Management Board of the National Bank decided to shift the refinancing rate to 5% from 8%, the ceiling of the interest rate corridor to 10% from 13% from 2 February 2009 onward. At the same time, the reserve requirement for both manat and foreign currency was shifted to 3% from 6%. The Bank has modified structural parameters of the existing dual-currency basket to make the exchange rate more flexible in order to maintain competitiveness and financial stability in the country.