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BCR Report: Romania's budget deficit might drop at 7 pct of GDP in 2010

The budget deficit, at local standards, might see a decline at nearly 7 percent of the GDP in 2010, and 5 percent in 2011, given that Romania's Government will continue its efforts of improving the fiscal position, reads the quarterly macroeconomic report published by the Romanian Commercial Bank (BCR) on Tuesday.

According to the report, the structural deficit improvement (actual budget deficit adjusted with the economic cycle outcomes) is even more impressive, taking into account that, following a record level of 6.9 percent of GDP reached in 2008, when a major economic growth covered up the degraded position of public finances, the structural budget deficit might see a decline towards one percent of GDP in 2012.

'In order to reach this high performance, it is essential that the restructuring efforts made on the public sector be continued,' reads the BCR report.

As for the minimum mandatory reserves, the report mentions that a reduction of these reserves is not out of the question in the coming quarters, with a part of the market liquidity being absorbed by the Ministry of Public Finance.

BCR Research team presented the Romania Macroeconomic Report - Moment of Truth, during a news conference, on Tuesday.

BCR, a member of the Erste Group, is a universal bank both for the retail and the corporate clients, and is the most important banking institution of Romania managing assets worth over 16.4 billion euros.

Sursa: http://www.agerpres.ro

Tags: report might deficit budget bcr

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