Bond Markets Outlook

4 Septembrie 2009

RAIFFEISEN BANK S.A.

 

Highlights

� Poland - Based on the recent economic data, we are revising our GDP forecasts for 2009 and 2010 to +0.8% yoy and +1.3% yoy, respectively. We also believe that the rate cutting cycle has come to an end.

� Hungary - Next week will bring a lot of relevant data from Hungary. The data should give an indication of where the economy could be heading in the coming months.

� Czech Republic - Next week is full of new domestic economic data releases, including the detailed GDP data for Q2. It will be interesting to see what was behind the slight quarter-onquarter growth of GDP.

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The tricky lag LUCIAN CROITORU Adviser to the Governor - BANCA NAŢIONALĂ A ROMÂNIEI Lucian Croitoru, Adviser on monetary policy issues to the National Bank of Romania Governor, talks about the NBR’s next moves and explains why the decrease ofthe policy rate hasn’t been reflected into lower interest rates on bank loans. mai mult... The turnaround CRISTIAN SPORIS Secretar de Stat - MINISTERUL ECONOMIEI ŞI FINANŢELOR Cristian Sporis, Secretary of State at the Ministry of Public Finance, in charge with the national treasury and public debt, explains how the state managed to borrow money at the lowest costs in the last seven years and how it turned from a clear market taker into a player with a strong position on the market. mai mult...