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Mugur Isarescu: inflation will drop below 7% in January

de A.C.
Luni, 7 februarie 2011, 14:57 English | Top News

The annual inflation rate will drop in January below 7% and in the third quarter it will register a more significant decrease, Romanian National Central Bank Governor Mugur Isarescu declared as he presented the inflation report. He showed that a contribution to the inflation decrease was the fact that there are no foreseeable excises for tobacco products. The Central Bank increased their inflation estimate for the end of this year to 3.6% from 3.4%. 

Here are Isarescu’s most important statements:  

  • In January, most probably, inflation rates will decrease below 7% followed by several months of stagnation and then a considerable decrease in the third quarter  

  • A positive contribution to the decrease of inflation is that there are foreseeable excises for tobacco products  

  • The dynamics of the petrol price remains a source of inflation however we believe that these pressures will be tolerable with the exception of major conflicts  

  • Our aim is to bring inflation rate as fast as possible to the targeted interval.

  • A low inflation rate is a precondition for economic strength  

  • The Bank decided not to withdraw the last installment from the IMF because, based on international indicators, the reserve is enough  

  • For the next two years Romania presented its governmental policies and the policies of the central bank. 

  • These agreements validate these policies IMF/EC agreement is precautionary but the agreement with the WB is a continuation of loans for restructuring the health and education sectors  

  • When it comes to the central bank and the agreements, there is nothing new. 

  • The bank retains most of its policies: will continue to increase international reserves to strengthen the trust of investors in the national economy 

  • On the financial sector, measures include the strengthening of the financial sector. 

  • We will improve the bank’s access to liquidity. 

  • Starting 2012 we will introduce international standards for financial reports  

  • We hope that the IMF agreement will have a positive effect and will help us join euro in 2015 

  • an emergency case, in which we will be obliged to take the money from the IMF could mean: an attack against the national currency which materializes with a massive loss of the reserve and a loss of credibility and an impossibility to finance the deficit. If we use one installment, the agreement does not change

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