BELGIUM CUTS TREASURY CERTIFICATE RATES

  The Belgian National Bank cut interest
  rates on one, two and three-month treasury certificates to 7.30
  pct from 7.40 pct effective immediately, the bank said in a
  telex message.
      The Bank last adjusted its short-term treasury certificate
  rates on March 23, when it also reduced rates for all three
  periods by 0.10 points.
      A National Bank spokesman said the latest adjustment would
  bring the rates closer in line with currently prevailing
  interbank interest rates.
      The spokesman said it was too early to predict whether the
  move would herald a reduction in discount rate, which currently
  stands at eight pct, when the Bank holds its regular weekly
  meeting at which the rate is discussed next Wednesday.
      The discount rate generally moves in tandem with the
  three-month treasury certificate rate. However, there is no
  formal link and the discount rate was not adjusted following
  the March 23 changes.
  

