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 – As expected, the MPC did not change its key interest rates. It also continues to see the inflation risks balanced at the moment. We expect this scenario to continue in the coming months. In our view, first rate hikes become probable at the end of Q3 2010.
Hungary – The Monetary Council lowered the key interest rate by another 25bp this week. It was the eighth cut in a row in the rate cutting cycle that started in July 2009 – totalling 375bp. As we see it, there is no room for a further cut.
Czech Republic – Government bond yields at 4.2% reached our prognosis for March. Issuance of domestic bonds in H1 will be lower due to the planed Eurobond issues. There are no inflationary pressures, and increases in the key policy rate are far off in future.
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.
