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Isarescu: Sept.-on-Sept. inflation to significantly stand at below 5pc

The inflation rate over the past 12 months (Sept. 2009 - Sept. 2008) will significantly stay below 5 percent, Romania's Central Bank (BNR) governor Mugur Isarescu said during the hearings at the Parliament's committees on budget and finance, on Tuesday.

Isarescu pointed out that according to the BNR data, the level of the prices in this Sept. is below that of the last year, which makes the September-on-September inflation to stand beneath 5 percent. Isarescu thinks that the positive trend will continue even toward the year-end, and the inflation will be about 4 percent, close to the 3.5 percent BNR target.

BNR governor also added that during the two years ahead, by serious and well-balanced policies, by a mix of money, fiscal and salary policies it can be assured Romania's coming closer to the EU average inflation, the more so that the inflation in the EU will go up after the major package of incentives granted during the downturn period and this way, Romania will face no serious problems when it switches to the euro, over 2014-2015.'There is no reason of pride to borrow money from abroad,' the BNR official said referring to the high level of Romania's current debts.Romania's foreign debt is close to 80 billion euros.

Isarescu: Romanian Leu's Depreciation Bodes Ill On Economy

A further depreciation of the Romanian leu is "unnecessary and bad" for the economy, as significant declines may lead to a surplus of the current account, central bank's governor Mugur Isarescu said Tuesday. "It is neither necessary nor good for the Romanian economy to have the leu depreciate further. This doesn't mean that there will be any more movement, down or up. In fact, we don't think of shifts between 2%-3% to 4% as economically relevant," Isarescu said during the parliamentary hearings for a new Board mandate. He added a current account surplus is not good for an emerging economy as Romania's. "We need capital inflows, technology imports...," Isarescu said. The Romanian leu has lost around 6% to the euro this year.On Tuesday, the central bank set a reference rate at 4.2619 units per euro, 0.12% stronger on the day.Isarescu, whose governor mandate will end October 10, is running for a new term at the central bank's helm.

Sursa: http://www.actmedia.eu

Tags: isarescu bnr romanias below inflation euro

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