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BNR kept its monetary policy rate unchanged at 1.75 per year

The National Bank of Romania (BNR, the central bank) on Wednesday kept its monetary policy rate unchanged at 1.75 per year. The BNR Board also maintained the current levels of minimum reserve requirement ratios on both leu- and foreign currency-denominated liabilities of credit institutions. 

A release of the BNR mentions that the most recent statistics "reveal a further fall of the annual inflation rate in negative territory, due to lower volatile prices - of fuels and food items - and a relative slowdown of the economic growth rate, also as a result of poorer performance of the agricultural sector." 

"The broadening of the scope of the 9 percent VAT rate to all food items and public food services, which since June has impacted the prices of nearly 30 percent of the goods and services included in the consumer basket, led to an annual inflation rate of -1.9 percent in August 2015. Average annual inflation rate dropped to 0.3 percent in August 2015, while the relevant measure for assessing convergence with the European Union, i.e. the average annual inflation rate based on the Harmonised Index of Consumer Prices, slipped to 0.5 percent, from 0.7 percent in the previous month," the document reads. 
The next BNR Board meeting on monetary policy is scheduled on November 5.