BELGIUM CUTS TREASURY CERTIFICATE RATES The Belgian National Bank said it cut one, two, and three month treasury certificate rates, all by 0.10 points, effective immediately. The cuts take the one month rate to 6.75 pct, the two month rate to 6.80 pct and the key three month rate to 6.85 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 7.60 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 1985, 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 5, also by 0.10 points.