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Romanian Ctrl Bk Keeps Key Rate Unchanged At 10.25%

Romania’s central bank kept unchanged its key monetary policy rate at 10.25% on the year in a Board meeting held on Tuesday.
Romanian Ctrl Bk Keeps Key Rate Unchanged At 10.25%
06 ian. 2009, 15:34, English

The National Bank of Romania, or BNR, also decided to leave unchanged the current minimum reserve requirement ratios on both leu-denominated and foreign currency-denominated liabilities of credit institutions, at 18%, and 40% respectively.

BNR will pursue an adequate management of liquidity in the banking system, through the active use of open-market operations, the bank said in a statement.

“The BNR Board is restating that the central bank will continue to closely monitor domestic developments and of the global economic evolutions so as to adequately adjust its instruments to ensure the achievement of its objectives related to both price stability and financial stability, in the context of a balanced macroeconomic policy mix,” according to the central bank’s statement.

The bank said a detailed statement would be released in approximately 3 hours.

Tuesday’s meeting was the third consecutive session when the central bank has maintained the key monetary policy rate at 10.25%. The current level was enforced as of August 1.

Since October 2007, the bank has increased the key rate in seven consecutive sessions by 325 basis points from 7%.