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No relaxation for monetary policies

National Bank stands firm on inflation targets for 2006-2007

Miercuri, 15 februarie 2006, 0:00

The Romanian National Bank (BNR) will not change its inflation targets for for 2006 and 2007 and will stick to its "ambitious" pace, the BNR governor said Wednesday when he revealed his report on the 2005 inflation.

BNR expects the targeted inflation will be missed with 0.5% temporarily in 2006, but will recover in early 2007 as governor Mugur Isarescu expects the excess demand to vanish by then, while the state-controlled prices will have a lighter contribution next year than today.

"It’s not what we desired, but it’s the lesser evel than changing the targets for this year and for the year to come", Isarescu said.

BNR recommended reduced salary boosts in 2006 as a means to slow down inflation.

It also said it would be fast to apply an ordinance on non-banking credits so that this kind of loans become regulated.

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