The Bulgarian National Bank announced on the 29th of February that its base interest rate would be reduced by 3 basis points to 0.15% as of 1 March 2012, compared to the previous rate of 0.18% set for February, and 0.22%, set in December for January. The March rate of 0.15% compares to 0.18% in March 2011, 0.18% in March 2010, and 3.49% in March 2009. Bulgaria reported inflation of 2.8% in December last year. The Bulgarian economy was unchanged in 3Q11 (0.3% in 2Q11), placing annual GDP growth at 1.3% (2.0% in 2Q11). Bulgaria's currency, the Bulgarian Lev (BGN), is pegged at 1.95 against the Euro; the USDBGN exchange rate last traded around 1.49.