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IMF estimates 6.5% inflation in 2008 in Romania

The International Monetary Fund (IMF) estimates Romania will record in 2008 an inflation rate of 6.5% but, with a tight and careful monetary policy, its level will return in 2009 to the interval targeted by BNR, Albert Jaeger, head of the IMF Mission in Romania and Bulgaria, told a Tuesday's press conference.

'We believe there are chances for the inflation to enter the interval targeted by BNR, if adequate monetary and fiscal measures are taken. We believe inflation will return to the targeted interval in 2009', Albert Jaeger said. The IMF official said BNR should continue to consolidate the monetary policy and said BNR has reacted so far to the increase in inflation through successive increases in the key interest rates in the past months. March's inflation rate stood at 0.67% and the year-on-year inflation (March 2007 - March 2008) rose to 8.63% versus 7.97% in February, according to the National Statistics Institute /INS/. In Q1 2008, the cumulated inflation rate stood at 2.25% and the monthly average rate stood at 0.7% versus 0.1% in 2007. BNR targets in 2007 an inflation rate of 3.8%, plus minus 1%. At end-2007, the year-on-year inflation rate stood at 6.57% versus 4.87% in December 2006, outside the variation interval of 3-5% associated to the 4% inflation target. The year-on-year inflation, which reached in March 8.63% - a high in the past 26 months, will remain in Q2 at over 8% and will start declining in H2, BNR governor Mugur Isarescu said recently. Sursa: http://www.rompress.ro

Tags: inflation bnr romania

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