Key rate unchanged
BCR Research - 2 Noiembrie 2010
The decision is in line with our expectations and market consensus. The uncertainties surrounding the inflation outlook and the tense political and social climate are key elements mentioned in the press release issued by the NBR.
The implementation of the fiscal consolidation program and structural reforms agreed with the IMF, EC and other international financial institutions along with the increase in European funds absorption could ensure a return of inflation to a downward path and the emergence of sustainable economic recovery, according to the central bank.
In our opinion the NBR could resume the monetary policy easing cycle in 1Q11 if inflationary pressures are lower and the political environment is more stable. A positive outcome of the talks with the IMF for another agreement (scheduled for January-February next year) is prerequisite for this scenario.
Sursa: http://www.bcr.ro
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