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Romanian Central Bank will reduce the key-interest on Tuesday

de Carla Dinu, transl/adapt. C.B.
Luni, 29 iunie 2009, 11:13 Actualitate

Romanian Central Bank (BNR) will drop 0.5% from the key-interest. The new interest will read 9%. The reason leading to this measure is Romania's economy, which deteriorated beyond the expectations of the economic environment during the first 2009 trimester, the annalists say. They do not exclude the chance to lower the compulsory minimum deposits for the lei passives, in order to have permanent liquidities on the market.

The analysts point out that Romania's economy shrank beyond expectations. The current level of the monetary policy is too high. Romania's GDP dropped by 6.2% during the first 2009 trimester against the same period in 2008, according to the National Institute of Statistics. The decline accentuated especially after the decline in industry and agriculture.

"The economic activity shrank way over the analysts and central bank's expectations during the first trimester. Therefore, we need to cut down the interest", ING Bank Romania senior economist Nicolaie Alexandru Chidesciuc declared for Romanian press agency NewsIn.

He suggests a 0.5% reduction, but does not exclude the need for a 0.75% cut. He also estimates that BNR might reduce the minimum compulsory deposits for the national currency passives.

BNR reduced the interest by 0.75% since the beginning of the current year.

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