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Monday, December 20, 2004
The National Bank announced the seventh interest rate cut to 17% a year, that is 4.25 percent below the 21.25% wherefrom the downward trend started this June.
The central bank's Board decided to adjust the interest rate by 0.75 percentage points on December 16, six days after the national Statistics Institute had announced the twelve month inflation had gone down below the 10% threshold (9.9% November 2004 compared to November 2003) for the first time. This and the prospect of this downward inflation trend continuing in December were the arguments that lent support to NBR's decision.
"The annual inflationary rate fell to 9.9% in November 2004, with the near future forecast pointing to the continuation of the decline in December. In order to validate this inflation deceleration process, the National Bank of Romania's Board of Governors decided to cut the interest rate by 0.75 percentage points to 17%," a press release of the central bank says.
"The market had seen the decision coming. The cut is a bit more aggressive than I had expected, but it is probably the outcome of the impact of the ROL's appreciation on the positive inflation trend. NBR is therefore betting on the inflationary trend reversal anticipated for the first quarter of 2005 not being a very important one," Radu Craciun, ABN Amro Romania chief analyst commented.
Posted by Mihai : 12/20/2004 01:34:00 pm
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