Curierul National - Romanian Central Bank Cuts Key Rate By 50 Bps To 8%

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Romanian Central Bank Cuts Key Rate By 50 Bps To 8%

Romania’s central bank Tuesday cut its monetary policy interest rate by 50 basis points to 8% on the year, in line with market expectations, while keeping the minimum reserve requirements unchanged. This was the fifth rate cut this year, from 10.25% in January, in an effort to support the ailing economy. Romania's gross domestic product fell 7.6% on the year in the first half and the most recent forecasts point to a economic contraction of 8%-8.5% for the whole of 2009.