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Central Bank governor: The increasing key rate does not translate into less credit mass because of the appetite for credits

de Radu Rizea
Joi, 8 mai 2008, 15:08 English | Top News

The increase of the monetary policy interest rate up to 9.75% - the fifth growth in the past seven months - represents a well balanced dosage for the financial stability, while an inflation pressure exists, but not as strong as in the past period, Central Bank (BNR) Governor, Mugur Isarescu, explained on Thursday.

"The savings create a solid ground for financial stability. The credit institutions must create their own resources and rely less and less on the foreign resources, which are extremely volatile. This is the sense of the latest measures adopted by the BNR board", said Isarescu.

At the same time, Isarescu shows that the banks react slowly to the BNR signals, because of the battle on market shares.

Discussing the attempt to slow down the pace of credit offering, the governor admitted that the decision to increase the interest rate faces the appetite for credits, and some segment did not reach saturation yet.

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