Adresa
Piaţa Charles de Gaulle, Nr. 15
011857 Bucureşti, Sector 1
Telefon
+40-21-306.10.00 +40-21-306.15.54
Fax
+40-21-230.07.00
Website
www.raiffeisen.ro
Highlights
Poland – The latest industrial production data confirmed that Polish economic growth is gathering pace. Nevertheless, we do not expect the data to have an impact on next week´s MPC rate decision. The most likely scenario is thus that the reference rate remains unchanged at 3.5%.
Hungary – The week ahead is going to start with the Monetary Council's rate-setting meeting. We anticipate another 25bp rate cut, which would bring the key rate to a historically low level of 5.75%. The Council is expected to adopt a somewhat more dovish tone.
Czech Republic – Preliminary GDP data for Q4 2009 showed a quarter-on-quarter decline of 0.6%, which brings the year-onyear GDP decline to 4.2% (4.1% in Q3). The market had expected a 0.6% qoq increase (-2.8% yoy). Although the figure was definitely a negative surprise for the market, it is not so bad after some consideration.
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.
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.
