The Board of Directors of the National Bank of Romania (BNR) has discussed a potential timetable for reducing the monetary policy rate, but it takes two months to confirm that inflation is definitely coming down after a spike in January, BNR Governor Mugur Isarescu said on Thursday at a conference where he released the bank's latest monthly inflation report."I'm making one more comment here, because I understand that it concerns public opinion. With two inflation forecasts almost similar, from our point of view, so clearly downwards, and with the objective of reaching our (inflation) target - of course we also discussed a trajectory or, not to say forecast, a potential timetable for reducing the monetary policy interest rate. But mind you, we've had this trend upward since January. We need at least two months to confirm that inflation is really coming down. And let's not forget that we have adopted this policy of letting liquidity be absorbed daily at the deposit rate at 6%, not 7%. So basically, that's where we start calculating for more than a year. And the interest rates in the market, IRCC [consumer credit reference index] for a long time, but now also ROBOR [Romanian interbank offer rate], are around 6%," said Isarescu.The annual inflation rate jumped to 7.41% in January 2024 from 6.61% in December 2023, as food prices rose by 5.64%, non-food prices by 7.36% and services by 10.91%, according to data with the National Institute of Statistics (INS) released on Wednesday.The National Bank of Romania (BNR) has downwardly adjusted, to 4.7%, its inflation forecast for the end of 2024, from 4.8% in November 2023, expecting it to go down to 3.5% at the end of 2025, according to data released on Thursday by BNR Governor Mugur Isarescu.
President Nicușor Dan, in office for roughly three months, attended the Salzburg Industrialists' Summit, the most important reunion of the Austrian business community, urging them to invest in Romania. Specifically, the president emphasized the strategic opportunities in the defense, energy, infrastructure, and logistics sectors. “Romania is significantly expanding its defense industry. Our sector offers real […]
A scandal broke out on Friday, July 25, after it was made public that deputy prime minister Dragoș Anastasiu was a witness in an older corruption case involving one of his companies. The company, Eurolines, paid bribes for eight years to a financial inspector from Romania’s tax agency ANAF. Records from the Anti-Corruption Directorate show that between […]
A scandal broke out on Friday, July 25, after it was made public that deputy prime minister Dragoș Anastasiu was a witness in an older corruption case involving one of his companies. The company, Eurolines, paid bribes for eight years to a financial inspector from Romania’s tax agency ANAF. Records from the Anti-Corruption Directorate show that between […]
The Drapers' Bastion in Brașov, built between the years 1450–1455, will be restored with European funds. The urban landmark will become an interactive museum integrated into the tourist circuit. The rehabilitation of the Drapers' Tower will support not only tourism but also the construction sector, contributing to the economic and cultural revitalization of Brașov, according […]
The National Meteorological Administration (ANM) has issued a code-red warning for persistent and intense heat from July 26, 10:00 AM to July 27, 10:00 AM for the regions of Banat, Oltenia, most of Muntenia, and southern continental Dobrogea. Day temperatures are expected to reach between 39 and 43 degrees Celsius, while the temperature-humidity index is […]
The fifth edition of Jazz Bastion will bring three concerts to the Weavers' Bastion in Brașov, featuring musicians from Romania, Ireland, and Switzerland. This year's edition "highlights the cultural diversity of music, which always brings together artists and audiences alike, regardless of language, nationality or affinities," the organizers explained. The public can attend performances by […]
