	belgium cuts treasury certificate rates the belgian national bank said it cut one two and three month treasury certificate rates all by points effective immediately the cuts take the one month rate to pct the two month rate to pct and the key three month rate to pct the central bank said in a telex a national bank spokesman said the modest cut was made after a decline in domestic money market rates yesterday and was not expected to be followed by a cut in the pct discount rate the short term treasury certificate rates and especially the three month rate have been the national bank s main monetary policy instrument for the last two years the discount rate has been the market s penalty rate rather than a guiding rate since and its advances are currently little used as liquidity is ample bank economists said the bank last cut one to three month certificate rates on june also by points reuter 
