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 MoF sold PLN 4.55 bn of 2 year bonds with demand reaching almost PLN 14 bn, the second highest for 2 year bonds in history. We still remain cautious in the short-term and believe that there is potential for a correction.
Hungary – The market is pricing in a continuation of the easing cycle and expects two more 25-bp rate cuts in the following months. Investors consider the upcoming elections as an opportunity rather than a risk event, which means that a sell-off on Hungarian assets is not on the table yet
Czech Republic – During the year we expect the CZK government yield curve to shift higher. We do not expect the first interest rate hike by the Czech National Bank before Q3 2010 as inflation does not seem to be a problem in the near 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.
