BNR sets Dec. key rate at 8 pct per annum

At present, the calculation formula of the BNR key (discount) rate is the weighted arithmetical average of monthly interest rates on deposits added to the transactions bulk, the interest rates to the attracted deposits, the reverse repo rate operations and the repo rate operations in the month previously to that when the announcement is made. The monthly calculated and published discount rate is the market interest and it must not be mistaken for the money policy rate.

'In compliance with the provisions of the Law No.312/2004 on the Statute of the National Bank of Romania (BNR) and taking into account the recent macroeconomic developments, BNR decides: BNR's key rate is 8 percent per annum for December 2009', reads the circular letter that BNR issued on Wednesday.

The key rate has gradually decreased in 2009, namely from 10.25 percent in January, to 10.14 percent in March, 10.07 in April, 10.02 percent in May, 9.71 in June, 9.5 in July, 9 percent in Aug, 8.53 in Sept, 8.5 percent in Oct, and to 8 percent in Nov.

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