Romania Cuts Rates Again in Surprise Move After Market Rout [BNN Bloomberg (Canada)]
RAIFFEISEN BK IN UNSP/ADR (RAIFY)
NASDAQ:AMEX Investor Relations:
rbinternational.com/ir
Company Research
Source: BNN Bloomberg
The National Bank of Romania lowered the benchmark interest rate by a quarter-point to 6.5% on Wednesday, matching the forecast of eight of 20 economists polled by Bloomberg. Twelve analysts had expected no change to the rate, which previously tied with Hungary as the highest level in the European Union. A worldwide market selloff on Monday didn't deter policymakers from continued monetary easing, with rate-setters focusing on a slowdown in annual inflation to 4.9% in June, the lowest level since 2021. General and presidential elections later this year, though, pose fiscal risks, with the EU forecasting a budget deficit as high as 7% of economic output. In a statement, the central bank cited “the significant improvement in the near-term inflation outlook” for its decision, while cautioning about “the still elevated uncertainty surrounding forecasts over the longer time horizon.” The institution also approved its quarterly inflation report, which Governor Mugur Isarescu will pre
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