Foreign deficit to be cut to half, says BNR governor

The foreign deficit will be cut to half in 2009, from an increase level of 12 percent, and the interest rates will continue to go down, but by less than a half, said, on Thursday, governor of the Central Bank of Romania (BNR), Mugur Isareascu, at the presentation of the quarterly report on inflation.

As regards the decision to decrease the monetary policy interest, Isarescu said that the measure was adopted because Romania has the highest inflation in its region and the highest current account deficit.

„We had to pay for the excess of the past. We are paying now,” said the BNR official.

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