Romania Monetary Policy


Central Bank keeps interest rates unchanged in March

At its 28 March meeting, the National Bank of Romania (NBR) left the monetary policy rate unchanged at a record-low of 5.25% for the eighth consecutive meeting. The move was widely anticipated by market analysts, as policy makers seek to anchor inflation expectations firmly amid a transitory inflation bout and volatile capital markets. The Bank also left its minimum reserve requirements on both leu and foreign-exchange deposits unchanged.

Regarding inflation developments, the Bank noted that "the inflation rate is projected to reach the upper bound of the target band by the end of the year". The NBR considers inflation to be following "a downward trend, although remaining outside the variation band in the forthcoming months, with the persistence of negative output gap being the main disinflationary driver". Against this backdrop, monetary authorities aim at closely monitor domestic and global economic developments adjusting its monetary policy to ensure price stability in the medium run.

Consensus Forecast panellists expect the Central Bank to leave the policy interest rate broadly unchanged this year, resulting in a year-end rate of 5.20%. For 2014 the panel foresees the rate closing the year at 5.21%.


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Romania Monetary Policy Chart

Romania Monetary Policy March 2013

Note: National Bank of Romania reference rate in %.
Source: National Bank of Romania (NBR).

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