Interest rate cut aims to kick-start lending
Romania’s central bank (BNR) has lowered the key interest rate from ten per cent to 9.5 per cent, to encourage banks to lower their rates for credits June 2009 - From the Print Edition
The key interest rate has not been at this level since the first three months of 2008, when the BNR increased the interest rate to discourage consumer credit on big ticket items such as cars and electronics.
This was also an attempt to close the widening trade deficit, as most of the products Romanians were purchasing were manufactured abroad.
Since then the economy has turned in the opposite direction and the numbers of car and home purchases has slumped. The economy is now heading for negative territory in 2009 and this is seen as the first step by the BNR to encourage consumer spending.
At the same time, the BNR has decided to maintain the same levels for the mandatory minimum reserves that banks must keep in the BNR, which is 18 per cent for RON and 40 per cent for Euro.
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