Romania’s key interest rate lowered to 5.5 percent

The National Bank of Romania (NBR) slashed the key interest by 0.25 percent to 5.5 percent. The annual rate on the deposit facility will be cut to 1.5 percent, while the overnight rate will be 9.50 percent.

The annual inflation rate dropped to 3.14 percent in December 2011 from 7.96 percent in December 2010, in line with NBR forecasts, while the annual adjusted CORE21 inflation rate fell to 2.37 percent versus last year’s peak of 4.77 percent recorded in March.

The NBR Board has examined and approved the quarterly Inflation Report, a document that assesses developments in the recent macroeconomic environment and the inflation outlook, and identifies the main challenges and risks to monetary policy in the period ahead.

The new forecast reconfirms the perspective of inflation staying around the 3 percent target, ensuring financial stability and path to economic recovery.

Ovidiu Posirca

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