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ING expects NBR to ease monetary policy rate to 8%

The Board of the National Bank of Romania will likely move to cut benchmark rate by another 0.5 basis points to 8percent at its scheduled rate-setting meeting and cut the reserve requirement for fx liabilities to 25percent from 30% and keep the RRR for leu liabilities at 15%, according to ING Bank Romania estimates.ING analysts stress that, given the central bank’s ability to keep exchange rates under control, a rate cut higher than 0.5bp wouldn’t have a major impact on the local currency.
As the National Bank of Romania keeps the interest rates at some of the highest levels in the region, ING analysts expect a further monetary easing in the following sessions so as to bring the rates below 7% in the first half 2010 from 10.25% at the beginning of the year. For the first half 2010, ING Bank Romania forecasts a monetary policy rate of 6.75%



Tuesday, September 29, 2009