BNR cuts lending rate to 10% in surprise move

The board of the National Bank of Romania (BNR) approved a 0.25 percentage point cut of the benchmark lending rate down to 10%, keeping the levels of the required reserve ratio steady.
The decision came as a surprise to all analysts, members of AAFBR who expected BNR to leave the key rate unchanged at 10.25% in the earlier rate-setting meeting, and to cut the required reserve ratio leu-currency liabilities.

Some 57% of the surveyed expected the central bank to keep the key rate at 10.25%, and 43% of them said the bank would lower it. As for the required reserve ratio for leu-currency liabilities, 93% of the surveyed expected a reduction, while 7% said the regulator would keep it at 18%.

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