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Failing inflation target does not entail failing disinflation, says BNR governor

Joi, 25 mai 2006, 0:00

The achievements in fighting inflation, despite failing to reach the inflation target, contribute to the disinflation process, Mugur Isarescu, governor of National Bank of Romania said on Thursday within a conference aimed at explaining targeting inflation strategy.

The Romanian strategy approaches “light” tactics based on the Consume Prices Index, a fixed target with a range of +/- 1%, set on two years.

The decision on direct targeting of inflation was taken within economic strategy on medium term, adopted by the Romanian government in 2000. It was considered a flexible strategy that took into account both nominal convergence criteria and disinflation criteria.

If Govt takes a decision on energy prices this might lead to reaching inflation target for 2006, but +/-1 % increase of prices be then let for 2007.

The disagreements of BNR with the International Monetary Fund covered the increase of monetary mass and targeting the exchange currency target.

BNR announced the inflation target on 2006 at 5% and in 2007 at 4%.

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