NBR cuts key interest rate to record low

In its fourth rate-setting session of 2010, the policy-making committee of the central bank decided to continue its series of gradual rate cuts. In January, the central bank lowered key rate from 8% to 7.5%, to 7% in February and to 6.50% in March.

The current level of the key rate, used by NBR in repo operations, reverse repo and market liquidity adjustment, is the lowest since the introduction of the current monetary policy in the early 2000, in line with ECB (European Central Bank) standards.

Consequently, starting Wednesday, May 5, the rate on deposit facility will be lowered to 2.25% per annum from 2.5% and the rate of lending facility (Lombard) will be 10.25% per annum versus 10.5%.

The central bank has also decided to keep reserve required ratio at 15% for leu-denominated liabilities and at 25% for foreign denominated liabilities, and affirmed its commitment to pursue an adequate management of liquidity in the banking system.

The board of NBR examined and approved the quarterly inflation report that will be made public in a press conference scheduled for May 6, 2010.

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