National Bank of Romania decided to keep unchanged the monetary policy rate at 2.25%
NBR Board decisions on monetary policy issues (press release)
In January 2018, the annual inflation rate rose significantly to 4.32 percent from 3.32 percent in December 2017, before increasing to 4.72 percent in February, slightly below the forecasted level. The major drivers include the base effects associated with cutting and scrapping a number of indirect taxes and non-tax fees and charges in the year-earlier period, as well as the recent hikes in electricity, natural gas and heating prices, accompanied by costlier fuels.
The annual adjusted CORE2 inflation rate climbed at a faster pace, coming in at 2.8 percent in January and 2.9 percent in February, compared with 2.4 percent last December. Behind the increase stood the gradual build-up of demand-pull and cost-push inflationary pressures, combined with the impact from leu exchange rate movements, which hit services prices in particular.
The average annual CPI inflation rate continued to advance up to 1.7 percent in January and 2.1 percent in February from 1.3 percent in December 2017; calculated based on the Harmonised Index of Consumer Prices, the annual average stood at 1.6 percent in February, up from 1.1 percent at end-2017.
In line with expectations, economic growth lost momentum in 2017 Q4, yet its annual dynamics remained robust at 6.9 percent, after a post-crisis high of 8.8 percent in 2017 Q3. On the demand side, the chief driving force of growth was further household consumption, but its contribution declined, while the positive contribution of gross fixed capital formation was on the rise, notching up to a record high from 2015 onwards. Conversely, net exports had a larger negative contribution to the advance in GDP. On the supply side, economic growth was underpinned by most components, such as services, industry, construction, net taxes.
In 2017 as a whole, economic growth picked up to 7 percent, amid the significant increase in domestic demand, but also a rising negative contribution of net exports, which caused inter alia the current account deficit to widen its share in GDP to 3.4%.
Statistical data for January 2018 point to very high levels of the annual dynamics of industrial output as well as economic activity in trade and services, alongside however a slower annual growth rate of the net real wage.
Monetary conditions were further less accommodative in 2018 Q1, amid the slight advance in relevant money market rates and the relative stability of the leu exchange rate. During the first two months of 2018, the annual growth rate of credit to the private sector remained at the 2017 Q4 average. The leu-denominated component further widened its share in total credit, to 62.9 percent at end-February 2018 (from a low of 35.6 percent in May 2012). During 2017 as a whole, the nominal dynamics of private sector credit stood at 5.6 percent, i.e. below the annual pace of economic growth, with the degree of financial intermediation thus still diminishing.
The latest assessments reconfirm the outlook for the annual inflation rate to pick up further and level off thereafter above the variation band of the target over the very short time horizon, in line with the medium-term forecast in February 2018, which indicates the return of inflation to the upper bound of the variation band towards the end of this year.
The uncertainties and risks surrounding the inflation outlook stem mainly from administered prices and volatile prices; they also stem from the fiscal policy stance and labour market conditions. Equally relevant are the developments in the economy and inflation in the euro area and hence the monetary policy stance of the ECB and of central banks in the region.
Based on the currently available data, the Board of the National Bank of Romania decided to keep unchanged the monetary policy rate at 2.25 percent per annum; moreover, the NBR Board decided to leave unchanged the deposit facility rate at 1.25 percent per annum and the lending (Lombard) facility rate at 3.25 percent per annum.
In addition, the NBR Board decided to maintain the existing levels of minimum reserve requirement ratios on both leu- and foreign currency-denominated liabilities of credit institutions.
The NBR Board decisions aim to ensure and preserve price stability over the medium term in a manner conducive to achieving sustainable economic growth and amid safeguarding financial stability. The NBR Board underlines that the balanced macroeconomic policy mix and progress in structural reforms are of the essence in preserving a stable macroeconomic framework and strengthening the capacity of the Romanian economy to withstand potential adverse developments.
The account (minutes) of discussions underlying the adoption of the monetary policy decision during today’s meeting will be posted on the NBR website on 16 April 2018, at 3:00 p.m.
The next monetary policy meeting of the NBR Board is scheduled for 7 May 2018, when a new quarterly Inflation Report is to be examined.
Adauga un comentariu
Adauga un comentariu folosind contul de Facebook
Alte stiri din categoria: ENGLISH
B2Holding has through its Romanian subsidiary B2 Kapital Portfolio Management SRL entered into an agreement to acquire a portfolio of retail and corporate, secured and unsecured non-performing loans in Romania, according to a statement. The portfolio is sold by Banca Transilvania S.A., a detalii
NBR Board decisions on monetary policy issues (press release) In January 2018, the annual inflation rate rose significantly to 4.32 percent from 3.32 percent in December 2017, before increasing to 4.72 percent in February, slightly below the forecasted detalii
NBG update on the sale of Banca Romaneasca (press release): Bank of Greece (“NBG”) would like to inform investors in respect of its agreement to sell its subsidiary to OTP Bank Romania (“OTP”) that the National Bank of Romania detalii
OTP Bank statement: OTP Bank Plc. („OTP Bank”) informs hereby the capital markets that the National Bank of Romania in a management letter notified OTP Bank’s Romanian subsidiary bank on 14 March 2018 that it did not grant its approval for the detalii
- Topul bancilor dupa active in 2016
- Topul bancilor dupa active in 2015
- Topul bancilor dupa active in 2014
- Cota de piata a bancilor dupa active la finalul anului 2013, conform datelor BNR
- Topul bancilor cu cele mai mici comisioane la internet banking
- Parlamentul dezbate marti legile de plafonare a dobanzilor la credite si a datoriilor cesionate de banci firmelor de recuperare (actualizat)
- Legea impotriva camatariei va deveni o lege in favoarea camatariei, avertizeaza profesorii de economie, intr-o scrisoare deschisa adresata Parlamentului
- Cum se plafoneaza dobanzile la credite in Europa si ce efecte au: lectii din care putem invata
- Bancile se declara "profund ingrijorate de consecintele negative ale proiectelor de lege privind sectorul financiar-bancar"
- BNR, despre plafonarea dobanzilor: este absolut necesar ca orice masuri de reglementare sa se realizeze cat mai echilibrat
- Creditele noi acordate de banci au crescut in februarie, dupa cinci luni consecutive de scadere
- Numarul restantierilor din Biroul de Credit urca la cel mai ridicat nivel din ultimele sase luni
- Cate credite noi in euro au acordat bancile in 2017
- Statisticile creditelor acordate de banci populatiei (decembrie 2017)
- Statisticile creditelor acordate de banci firmelor (decembrie 2017)
- Noul Cod Civil
- Legea 677 din 2001 privind protectia datelor personale
- Directiva privind Serviciile de Plata (PSD)
- Hotararea Guvernului nr. 2/2018 pentru modificarea si completarea Hotararii Guvernului nr. 717/2009 privind aprobarea normelor de implementare a programului "Prima casa"
- Normele metodologice pentru aplicarea Ordonantei de urgenta a Guvernului nr. 193/2002 privind introducerea sistemelor moderne de plata
- Economistii Bancii Transilvania estimeaza decelerarea PIB-ului de la 7% in 2017 la 4,2% in 2018
- Cresterea economica este nesustenabila, avertizeaza economistii Bancii Transilvania
- Estimarile economice din Romania sunt modeste, in pofida conditiilor financiare bune (studiu GfK)
- National Bank of Romania could leave unchanged the key rate in 2017
- Poland: EU funds - key factor for growth next year
- Programul agentiilor Raiffeisen Bank in perioada Sarbatorilor de Pasti
- CEC Bank isi informeaza clientii ca serviciile de internet banking si mobile banking nu vor functiona de vineri seara pana duminica seara
- HSBC, by first direct and Bud, is trialling an open banking app model
- Probleme cu autorizarea platilor online cu carduri Mastercard si Maestro
- Sistemul informatic al Raiffeisen (carduri, ATM-uri, POS-uri, online banking) nu a functionat in aceasta dimineata
- MFP simplifica si eficientizeaza achizitiile publice
- Ministerul Finantelor Publice supune dezbaterii publice un proiect de ordonanta de urgenta pentru stimularea investitiilor, sprijinirea entitatilor nonprofit si alte masuri de eficientizare
- Curtea Constitutionala respinge contestatiile Credit Europe Bank la legea darii in plata
- Procesul dintre Lucian Isar si Banca Comerciala Feroviara
- Raiffeisen Bank pierde un proces cu ANPC
- Instanta constata caracterul abuziv al dobanzii variabile din contractele de credit ale BCR
- Clauze abuzive in contractele de credit ale Raiffeisen
- Vodafone si Orange, amendate de ANCOM pentru ca si-au suprataxat clientii pentru convorbirile roaming in strainatate
- Ministerul Finantelor anunta ca introduce Declaratia Unica pentru persoanele fizice care realizeaza venituri din activitati economice sau alte categorii de venituri
- Ministerul Finantelor a imprumutat 2 miliarde euro de pe pietele internationale
- Ministerul Finantelor pregateste noi formulare de plata a CAS si CASS, in locul Declaratiei 600
- Guvernul a alocat garantii de 2 miliarde lei pentru Programul Prima Casa in 2018
- Numarul fimelor active din Romania, conform statisticilor Registrului Comertului
- Evolutia istorica a cresterii anuale a Produsului Intern Brut (PIB), conform datelor Institutului National de Statistica (INS)
- Evolutia istorica a valorii Produsului Intern Brut (PIB), conform datelor Institutului National de Statistica (INS)
- Transferurile de bani ale romanilor din strainatate au ajuns la 2,1 miliarde euro anul trecut, conform statisticilor Eurostat
- Salariul mediu net si brut lunar pe economie - evolutie istorica intre in anii 1991 - 2016, conform datelor Institutului de Statistica (INS)
- ECB: Insights into the digital transformation of the retail payments ecosystem
- ECB introductory statement on Governing Council decisions
- Speech by Mario Draghi, President of the ECB: Sustaining openness in a dynamic global economy
- Deciziile de politica monetara ale BCE
- Mario Draghi, President of the ECB: Introductory statement to the press conference (with Q&A)
- Asset repricing, cyber-attacks and Brexit are key risks for EU financial markets, shows ESA report
- EBA publishes its Roadmap on FinTech
- EBA launches 2018 EU-wide stress test exercise
- Opinion on the use of innovative solutions in the customer due diligence process
- EBA Risk Dashboard
- Peste 80% din depozitele bancare sunt garantate
- Depozitele bancare nu intra in campania electorala
- FGDB explica modul de aplicare a procedurii de recapitalizare interna a unei banci cu depozitele negarantate ale clientilor (bail-in)
- Valoarea depozitelor garantate de FGDB a crescut cu 50 miliarde lei in ultimul an, la 221 miliarde lei in total
- FGDB aminteste ca toate conturile si depozitele din bancile romanesti sunt garantate in limita a 100.000 de euro
- IMF statement of the 2018 Article IV Mission to Romania
- Jaewoo Lee, new IMF mission chief for Romania and Bulgaria
- IMF concludes article IV consultation with Romania
- IMF statement on the stability of the banking system in Ukraine
- Global House Prices: Time to Worry Again?
- ING Bank si BERD finanteaza parcul logistic CTPark Bucharest
- EBRD hails Moldova banking breakthrough
- Banca Transilvania and EBRD become majority shareholders of Victoriabank in Moldova
- BERD devine actionar Agricover Holding
- Life satisfaction: the pursuit of happiness - EBRD study
- Federal Reserve majoreaza dobanda de referinta pentru dolar la 1,5% - 1,75%
- Federal Reserve issues FOMC statement
- A Challenging Decade and a Question for the Future (speech by Janet Yellen, The Fed chair)
- Janet Yellen speech: Financial Stability a Decade after the Onset of the Crisis
- Janet Yellen - Semiannual Monetary Policy Report to the Congress
- Romania implements SME Initiative: EUR 580 m for Romanian businesses
- European Investment Bank (EIB) is lending EUR 20 million to Agricover Credit IFN
- Platile in euro vor avea aceleasi comisioane ca cele in lei, a decis Comisia Europeana
- Comisia Europeana prezinta un plan de actiune pentru tehnologiile financiare (FinTech)
- Obligatiunile Good Pople SA (FRU21) au debutat pe piata AeRO
- BVB avertizeaza doua firme ca nu si-au respectat obligatiile de raportare
- Raiffeisen Centrobank (RCB) a lansat produse de investitii tip warrant la BVB
- BVB a initiat procesul de fuziune cu Sibex
datoria la Kruk
Mada, Kruk poate sa va dea in judecata, adica sa va execute silit si sa va puna poprire pe salariu, ... detalii
Am si eu o problema la kruk. In decembrie am snat cu ei un angajament cum ca in 6 luni platesc suma ... detalii
Atata timp cat nu esti protejat, sunt riscuri foarte mari ... detalii
Rusine Silviu Paul Anghel
Bre nea Silviule, dar pe BCR de ce o protejezi ca pe copilul tau atunci cand vine vorba de ... detalii
Creditul in Romania este un cancer!
Rusine. Cand a fost BNR de acord cu ceva legat de protectia cetatenilor? De 10 ani tine de 6 pentru ... detalii