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Romanian National Bank Raises Benchmark Rate To 1.5%

CEE
  • Romanian Central Bank raised it benchmark rate by 25bps for the first time since 2018 to 1.5% (vs. on hold expected) to curb the elevated inflationary pressures.
  • RCB mentioned that the current assessments indicate that annual inflation is expected to rise significantly higher than previously estimated in the short term.
  • CPI inflation rose to 5.3% in August, deviating sharply from the 1.5%-3.5% central bank's target.
  • In addition, Romanian PM Florin Citu and his government were toppled in a no-confidence vote, intensifying political tensions that have already sent the national currency to a record low against the Euro (BBG). President Klaus Iohannis will now have to nominate a replacement for Citu.
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