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Romanian Central Bank Slashes Interest Rate For Third Time

2/2/2012 5:33 AM ET

Romania's central bank on Thursday reduced its policy rate for a third consecutive time, to support economic recovery amid the deepening debt crisis in the euro area. The decision was in line with economists' expectations.

The monetary policy council of the National Bank of Romania slashed the benchmark interest rate to 5.5 percent from 5.75 percent. The bank also decided to maintain the current levels of minimum reserve requirement ratios in domestic and foreign credit institutions.

In January this year, the central bank had cut the interest rate by a quarter percent, after reducing it by 25 basis points in November last year in a surprise move.

Romania's consumer price inflation eased to 3.14 percent in December from 3.34 percent in November. Month-on-month, consumer prices moved up 0.23 percent in December.

by RTT Staff Writer

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