National Bank cuts key rate to 7 pct

National Bank of Romania (BNR) has cut its key rate to 7 percent from 7.5 percent on Wednesday, with the move to take force from Thursday, Feb. 4.
‘The BNR Board of directors, at its meeting on Feb. 3, 2010 decided to cut the money policy rate to 7.0 percent per annum from 7.5 percent starting Feb. 4, 2010’, the central bank said in a release.

The Board of Directors also decided to take several measures for the adequate management of the liquidity in the banking system and to keep the current levels of the minimum mandatory reserves rates applicable to the national currency- and forex liabilities of the lending institutions. The minimum mandatory reserves rate to the forex liabilities stands at 25 percent and it is 15 percent for leu liabilities. The central bank Board also examined and approved the quarterly report on inflation.

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