Romania elects to lower its monetary policy rate by 50 bps to 8%

By Richard Connell

New York, Sept. 29 - The board of the National Bank of Romania cut its monetary policy rate by 50 basis points to 8% at its meeting on Tuesday, according to a news release issued by the bank.

Inflation in Romania fell to 4.96% in August from 5.06 in July, due to lower food and fuel costs as well as a sharp decline in domestic demand.

The board pointed out that the international economic and financial crisis was showing signs of a recovery and noted that Romania recorded the first positive monthly dynamic of credit to the private sector over the last six months.

In addition to cutting the monetary policy rate to 8%, the board also reduced the deposit rate and the Lombard rate by 50 bps each, to 4% and 12%, respectively.

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