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National Bank of Romania keeps unchanged the monetary policy rate at 10.25% - press release

Autor: Bancherul.ro
2008-09-25 16:03

Cluj-Napoca, September 25, 2008

PRESS RELEASE

In its meeting of September 25, 2008, the Board of the National Bank of Romania has decided the following:
� to keep unchanged the monetary policy rate at 10.25 percent per annum;
� to pursue a firm management of money market liquidity via open-market operations;
� to leave unchanged the existing minimum reserve requirement ratios on both leu- and foreign currency-denominated liabilities of credit institutions.

The NBR Board is restating that it will vigilantly monitor developments in macroeconomic indicators, both domestically and internationally, and will adjust its instruments so as to ensure a consolidation of the disinflation process in order to achieve medium-term inflation targets in a sustainable manner.

The analysis of the latest macroeconomic developments confirms the anticipated resumption of the disinflation process as well as an acceleration of economic growth in the context of persistently fast increases in both investment and consumption, as well as a slower rising negative contribution of net exports.

The inflation rate dropped to an annual 8.02 percent in August from a peak of 9.04 percent in the previous month. The return of inflation to a downward path reflects tighter broad monetary conditions, a favourable base effect, as well as lower prices of fuel and of some food products and cheaper telephony rates.
The adjusted annual CORE2 inflation rate - calculated by excluding the impact of administered and volatile prices (vegetables, fruit, eggs and fuel) as well as the effect of vice tax � fell to 7.4 percent in August from 8.1 percent in July for the first time since July 2007. Nevertheless, the forecasted increase in annual consumer prices will continue to be significantly above the upper limit of the variation band around the 2008 inflation target, requiring the maintenance of a tight monetary policy stance for a longer period.

Moreover, the macroeconomic risks to the disinflation process, especially those related to incomes policy and to increased budget spending in the electoral period, remain on the upside. Meanwhile, the dynamics of loans to the private sector stayed high, even though credit expansion started to exhibit some signs of moderation.

In light of the available data, the NBR Board has decided to keep the monetary policy rate unchanged at 10.25 percent per annum. This measure will lead to increased restrictiveness of the broad monetary conditions in real terms in order to ensure the achievement of medium-term disinflation objectives in a sustainable manner.

The NBR Board has also decided to pursue a firm management of money market liquidity via open-market operations as well as to leave unchanged the existing minimum reserve requirement ratios on both leu- and foreign currency-denominated liabilities of credit institutions.

Moreover, the NBR Board considers that ensuring a sustainable disinflation process and anchoring medium-term expectations call for not only maintaining monetary policy restrictiveness through an appropriate dosage of its instruments, but also strong support from other components of the macroeconomic policy mix, especially incomes and fiscal policies.

The increased turbulences on the world financial markets have had a limited impact so far on the Romanian banking sector, reflected mainly by increased external financing costs. Meanwhile, liquidity in the banking sector, while undergoing a reduction, remains at an adequate level in order to ensure a good functioning of markets, while the measures adopted by the NBR in August are aimed at improving prudential supervision and increasing the transparency of lending and risk management policies of credit institutions.

The NBR Board is restating that it will vigilantly monitor developments in macroeconomic indicators, both domestically and internationally, and will adjust its instruments so as to ensure a consolidation of the disinflation process in order to achieve medium-term inflation targets in a sustainable manner.

The next NBR Board meeting dedicated to monetary policy issues is scheduled for October 30, 2008 when a new quarterly Inflation Report will be examined and approved.

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