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Romanian Soc-Democrats Ask For Lending-Restart Calendar, Lower Interest Rates

Mircea Geoana, the Romanian Senate Chairman and president of the Social Democratic Party PSD, Monday said he asked the Finance Ministry to draw up, together with the central bank BNR and the banking sector, a calendar on restarting the lending activity and on interest rates reduction.
Romanian Soc-Democrats Ask For Lending-Restart Calendar, Lower Interest Rates
01 iun. 2009, 15:45, English

He added the banks promised to cut the rates when Romania took the EUR13 billion loan from the International Monetary Fund.

The monetary policy interest rate will gradually decrease, in line with the downward trend of the consumer prices, without sudden adjustments, BNR’s governor Mugur Isarescu told MEDIAFAX.

Romanian consumer price index rose 0.27% in April compared with the previous month, and the annual inflation fell to 6.45 % from 6.71% end-March.

Since the beginning of the year, BNR has cut twice the monetary policy interest rate, from 10.25% in December 2008 to 9.5% per year, as of May 7.