Romania's c. bank hikes key rate
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The National Bank of Romania said on Tuesday it will increase its monetary policy rate to 3.75% from 3.00% as of Wednesday (May 11) due to rampant inflation and the economic impact of the war in Ukraine, according to a report by Romaniajournal.ro.
The central bank also decided to increase the deposit facility rate to 2.75% per year from 2%, and the lending facility rate to 4.75% from 4%, it said in a statement after a board meeting on monetary policy.
The existing ratios of minimum reserve requirements for both leu- and foreign currency-denominated liabilities of banks will remain unchanged.
According to the central bank, the updated forecast shows a renewed considerable worsening of the outlook for inflation, as the projected path of its annual dynamics has seen an additional significant upward revision across the entire horizon.
Romania's consumer prices rose by 10.15% year-on-year in March, compared to an increase of 8.53% in February, according to the most recent data.
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