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C-Bank holds key interest rate at 7% per year

8 November 2023
General Interest

The Board of Directors of the National Bank of Romania decided, in Wednesday’s meeting, to maintain the monetary policy interest rate at the level of 7% per year, the central bank informs in a press release.

“The decisions of the CA of the NBR aim to bring the annual rate of inflation back in line with the stationary target of 2.5 percent plus or minus 1 percentage point, including by anchoring inflationary expectations in the medium term, in a way that contributes to achieving a sustainable economic growth,” the central bank’s press release states.

According to the BNR, the annual inflation rate dropped to 8.83% in September, in line with forecasts, from 9.43% in August, against the background of the deceleration of the increase in the prices of processed foods and the accentuation of the decline in annual terms of energy prices.

The recently revised statistical data show that economic activity increased in the second quarter of 2023 by 1.7%, after a contraction of 1% in the previous three months (quarterly variation), but reconfirms the decrease in its advance in annual terms to 1%, from 2 .4% in the first quarter of 2023.

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