National Bank of Romania

National Bank of Romania Cuts Monetary Policy Rate

January 7, 2015

Romanian monetary officials released a statement after cutting the benchmark interest rate by another 25 basis points, justifying the move with a forecast of continuing sub-target CPI inflation.  The target is 1.5-3.5%, and the latest reading is 1.26%. Over the short term, the path of the annual inflation rate is expected to remain below the […] More

National Bank of Romania Eases Monetary Policy in Three Ways

November 4, 2014

A quarterly review of the outlook for inflation in which the forecast was cut sharply to 1.5% at end-2014 and 2.2% at end-2015, provided an opportunity for monetary officials to ease policy further.  In explaining the forecast change, a released statement calls attention to “the persistence of the negative output gap, the consolidation of inflation […] More

National Bank of Romania

September 30, 2014

Analysts were not surprised to learn of another 25-basis point cut in Romania’s monetary policy rate to a further record low of 3.0%, effective October 1.  This was the fourth reduction of 2014, all by 25 basis points.  The rate earlier had been cut from a pre-Great Recession peak of 10.25% to 8.0% by end-2009, […] More

National Bank of Romania Keeps Status Quo

May 6, 2014

Romania’s monetary policy rate has been at 3.5% since February.  From a peak of 10.25% at end-2008 it fell to 3.5% in increments of 225 basis points during 2009, 175 bps in 2010, 25 bps in 2011, 75 bps in 2012 and 175 bps since mid-2013 including cuts of 25 bps in the first two […] More

National Bank of Romania Confirms Paused Policy

March 28, 2014

Romania’s monetary policy rate had been reduced by a total of 175 basis points since mid-2013 including a cut of 25 bps in February when officials hinted that easing might then be paused.  This indeed is the case.  After this month’s meeting, officials retained the record low 3.5% interest rate and did not change reserve […] More

National Bank of Romania Implements Second Rate Cut of 2014

February 4, 2014

Romania’s monetary policy rate was reduced by 400 basis points in 2009-10, another combined 100 bps in 2011-12, 125 bps in the second half of 2013, and in each of the first two months of 2014 by 25 bps each.  The rate now becomes a record low 3.5% compared to 10.25% at the end of […] More

National Bank of Romania Sanctions a Further Interest Rate Cut of 25 Basis Points

November 5, 2013

With today’s cut to 4.0%, Romania’s monetary policy interest rate has dropped in four steps by 125 basis points since midyear.  From a peak of 10.25%, previous reductions of 400 bps were implemented in 2009-10 and 100 bps between November 2011 and March 2012.  Analysts anticipated today’s development. In a statement released today, officials at […] More

National Bank of Romania Implements Another 25-Basis Point Cut of Policy Interest Rate

July 1, 2013

Easing of the monetary policy rate in Romania had been paused since March 2012.  Today’s cut to a record low brings the cumulative drop since 2008 to 525 basis points.  400 bps of that drop occurred in 2009-10, and four 25-bp moves were squeezed into a 3-month span between November 2011 and March 2012. Inflation […] More

National Bank of Romania Interest Stays Unchanged as Expected

March 28, 2013

Romania’s benchmark interest rate has been at 5.25% since four 25-basis point cuts spaced tightly between November 2011 and March 2012.  Officials would like to ease further but can’t because of above-target CPI inflation.  The target is 1.5 – 3.5%, whereas consumer prices rose by 5.65% in the twelve months to February.  Officials are counting […] More

National Bank of Romania

February 5, 2013

Romania’s monetary policy rate has not been changed since a 25-basis point cut to 5.25% in late March 2012, which culminated a sequence of four such moves that began in November 2011.  Earlier, five reductions totaling 225 bps were implemented in 2009, and another four moves totaling 175 bps were done in 2010.  The current […] More

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