Budget deficit agreed with IMF, main cause for inflation rate deviation

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The preservation of the 2009 budget deficit within the limits set in the agreement concluded with the International Monetary Fund, the European Commission and the World Bank will be a potential cause for the inflation rate deviation, Governor of the National Bank of Romania Mugur Isarescu said on Friday.

‘The potential underlying causes for the deviation of the inflation rate from the set course are the preservation of the 2009 budget deficit within the limits set in the agreement sealed with the IMF, the European Commission and the World Bank, and the reactive character of the agreement sealed with Romania,’ Isarescu said.
Moreover, the BNR governor pointed out the negative deviation of the GDP will be influenced by the low competition pressures on the markets of the production factors, the slumping selling prices and foreign investors’ decreasing aversion to risk.

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