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Central bank revises downwards 2017 year-end inflation forecast

The National Bank of Romania (BNR) has revised downwards by 0.4 percentage points its inflation forecast for end-2017, which is now projected at 1.7 percent, BNR governor Mugur Isarescu told a press conference on Thursday, on the occasion of the presentation of the central bank's Quarterly Inflation Report.

BNR estimates a 3.4 pct inflation rate for the end of next year, 0.2 percentage points above the previous forecast; the target is 2.5 percent +/—1 percentage point.

According to the governor, the annual inflation rate was relatively stable in Q4 2016.

"Raw material quotations reinforce their upward trend which is still continuing, yet seemingly not at such a fast rate," Isarescu said, adding that fuel prices have returned to the positive territory.

The central bank head said that although demand for loans in domestic currency remained robust, a slowdown is noticeable, apparently in correlation with "the uneven unfolding of the First Home program."



Friday, February 10, 2017