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Financial News: Romania Central Bank Leaves Rate Unchanged

Romania Central Bank Leaves Rate Unchanged

07/03/2017 - 06:48:00 (RTTNews)

(RTTNews) - Romania's central bank decided to leave its key rate unchanged, as widely expected, on Monday.

The Board of the National Bank of Romania decided to leave the benchmark rate unchanged at 1.75 percent.

The minimum reserve requirement ratio on both foreign currency-denominated liabilities of credit institutions and the ratio on the leu-denominated liabilities were maintained at 8 percent.

In May, the bank had lowered the minimum reserve requirement ratio on foreign currency-denominated liabilities from 10 percent.

The bank reiterated that it will to pursue adequate liquidity management in the banking system.

The combination of loose fiscal policy, double-digit wage growth and accelerating credit growth, coupled with the unwinding impact of previous VAT cuts, will push inflation up sharply in the coming months, Liam Carson, an economist at Capital Economics, said.

The economist expects inflation to rise above the central bank's 2.5 percent target over the next six to nine months. This is likely to prompt the central bank to raise interest rates towards the end of 2017, Carson said.

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