CtrlBank cuts key rate to 2.75 pct per annum

The National Bank of Romania's (BNR) Board decided on Tuesday to cut the the monetary policy rate to 2.75 percent per annum from 3 percent starting Nov. 5, 2014, the Central Bank said in a release.

It also lowered the minimum reserve requirements (MRR) ratio on foreign currency-denominated liabilities of credit institutions to 14 percent from 16 percent starting with Nov. 24 Nov.—Dec. 23, 2014 and decided to maintain the MRR ratio on leu-denominated liabilities at 10 percent.

"Thus, starting Nov. 5, 2014, the interest rate on the BNR's lending facility (Lombard) will be lowered to an annual 5.25 percent from 5.75 percent, while its deposit facility rate will remain at 0.25 percent per annum", the release said.AGERPRES