The National Bank yesterday maintained the monetary policyinterest rate at 6.25% a year, breaking off the string of fourconsecutive cuts made since the beginning of the year, showing itprefers to wait and see what the effect of the VAT increase will beon the prices before making its next move.
The NBR says it will "vigilantly" monitor the progression of theworld economy, but warns it cannot offset the price increase onshort term, instead focusing its efforts on slowing down inflationon medium term. Over the last few days the central bank has,however, let the RON depreciate further than usual, even though theexchange rate increase is fuelling the price increase even more,choosing instead to keep interest rates stable on the monetarymarket.
"The probability of raising the monetary policy interest rate bythe end of the year cannot, however, be ruled out, but I think sucha decision will be carefully weighed. I think the monetary policywill seek to counter the negative effects of an inadequatefiscal-budgetary policy," believes Florian Libocor, chief economistof the BRD.
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