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BNR maintains monetary policy rate at 6.25%

The Board of the National Bank of Romania (BNR) on Thursday decided to maintain the 6.25 percent annual monetary policy rate, coming into force on May 5, 2011, as well as to lower the minimum reserve requirements ratio on foreign currency-denominated liabilities with residual maturities of up to two years of the crediting institutions to 20 percent from 25 percent starting with the April 24-May 23, 2011, maintenance period, according to a BNR release.

The BNR Board also decided to leave unchanged the minimum reserve ratio on leu-denominated liabilities at 15 percent and to ensure adequate management of liquidity in the banking system.

According to BNR, the annual inflation rate rose to 7.6 percent in February 2011 from 6.99 percent in the previous month, mainly due to ample increases in food and fuel prices. This trend is in line with the balance of risks associated with the baseline scenario as outlined in the most recent medium-term inflation forecast published by BNR.

BNR estimated a decrease in the inflation rate under 4 percent at the end of 2011, from 7 percent in January 2011. 'The analysis of macro-economic developments reveals ongoing positive annual growth in industrial output and exports. At the same time, both real annual dynamics of other leading indicators of domestic demand and the evolution in real terms of credit to the private sector remained in negative territory,' the BNR release reads.

BNR will further vigilantly monitor domestic and global economic developments so as, by using its available instruments, to ensure the fulfillment of its objectives of achieving and maintaining price stability in the medium term as well as financial stability.

According to the calendar, the next BNR Board meeting dedicated to monetary policy issues is scheduled for May 3, 2011, when a new quarterly Inflation Report will be analysed.

Sursa: http://www.actmedia.eu

Tags: bnr percent monetary policy

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