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Romanian Central Bank cuts key rate.

Global Banking News-7 May 2009-Romanian Central Bank cuts key rate(C)2009 ENPublishing -

Global Banking News - 07 May 2009(c)2005 - Electronic News Publishing -

Romanian central bank, or BNR, has cut its key monetary policy rate 50 basis points to 9.5 percent.

'In light of the available data and given the need to ensure real broad monetary conditions appropriate for both the achievement of medium-term inflation goals and for a sustainable revival of the lending process in the Romanian economy, the BNR board has decided to lower the monetary policy rate,' the bank said.

In its meeting on Wednesday, the central bank's board has also decided to keep the minimum required reserves ratio on both leu-denominated and foreign currencies liabilities of credit institutions unchanged at 18 percent, and 40 percent, respectively. On March 31, the BNR's board had cut the minimum reserve ratios on foreign-denominated liabilities with residual maturities of over two years to zero, starting with the May 24-June 23 maintenance period.

The new key rate will be effective as of May 7, the bank said.

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Publication:Global Banking News (GBN)
Date:May 7, 2009
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