No Change Made in Romanian Monetary Policy
February 3, 2011
The National Bank of Romania left its monetary policy rate unchanged at 6.25%, its level since a 25-basis point cut last May 4th. There were five rate cuts from February 2009 to September 2009 totaling 225 basis points followed by a further 175 basis points of rate reduction in four increments last year. The central bank left its reserve requirements unchanged. Deficient private credit expansion remains a problem in Romania, but a VAT hike-induced jump in consumer price inflation raised such from a 12-month 4.4% rate of increase last June to 8.0% in the year to December. Officials expect inflation to fall significantly once the value added tax hike drops out, and they will be releasing a quarterly Inflation Report next Monday.
Copyright Larry Greenberg 2011. All rights reserved. No secondary distribution without express permission.
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