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Analyst Ilie Serbanescu: Key interest rise, a responsible move

The National Bank's move to raise the monetary policy interest rate is a responsible measure intended to cope with inflationist pressure, economic analyst Ilie Serbanescu commented on Thursday on the decision of the BNR Board to put up the key interest rate from 10 to 10.25 pct per annum.

'Although I noticed that the banking circles were taken by surprise because they expected the already two-digit - and therefore very high - monetary interest rate to be maintained, I am not surprised because I consider that inflationist pressure is very high and Romania displays extremely severe vulnerabilities to international developments,' Serbanescu told a television channel.

He explained that 'it all comes from the explosion of lending that pushed domestic consumption past the bearable limits,' because this consumption has nothing to do with production, it is all done via imports.

'This has ripped up, completely disarticulated national economy and I see in the measure reached by the National Bank of Romania a sign of responsibility, in the sense that it tries to keep in grip as much as possible this dazzling speed of lending, attempting to temper consumption and at least prevent the gap between production and consumption and that between exports and imports from widening further,' underscored Ilie Serbanescu.

Sursa: http://www.rompress.ro

Tags: serbanescu interest bnr

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