The National Bank is taking consistent measures to influence rebalancing of the ratio between aggregate demand and aggregate supply, and maintain the inflation rate and financial stability within the frames of its functions according to main directions of the monetary policy for 2008 it had announced. From this standpoint, over the past period of 2008 to contain inflation import the Bank transited to a dual-currency mechanism in the exchange rate policy, and took decisions to toughen a number of prudential norms across the banking sector to mitigate financial sector risks and apply reserve requirements for foreign liabilities of banks. To further strengthen control over monetary factors of inflation, contain aggregate demand’s growth channels and potential threats to the financial sector the Bank found it reasonable to allow a reasonable level of credit expansion and review interest rate corridor parameters as part of interest rate policy toughening with an eye to support development of the interbank money market. The Management Board of the National Bank decided to shift the refinancing rate to 14% from 13%, the floor of the interest rate corridor to 3% from 5%, and the ceiling to 20% from 19% from 10 April 2008. The goal of raising the refinancing rate and the ceiling of the interest rate corridor is to attain a positive level of real interest rates, while the goal of decreasing the floor of the interest rate corridor is to develop the interbank money market.