Short notes

Notes regarding recent developments that may impact economic activity, relayed to clients just a short time after a major event occurs.

03.09.2010 Government was reshuffled
01.07.2010 Painful fiscal consolidation process
16.06.2010 The government survived the no-confidence vote
12.05.2010 Real GDP fell further in Q1 2010
07.05.2010 The president announces large cuts in public spending
12.02.2010 Real GDP fell further in Q4 2009 and inflation increased in January 2010
03.02.2010 Fitch improves Romania’s rating outlook to “stable” from “negative”
05.01.2010 The NBR cut the key rate by 50 bp to 7.5%
13.11.2009 GDP data for Q3 – much better than expected
13.10.2009 The government was dismissed
01.10.2009 Ruling coalition collapses
29.09.2009 The NBR decided to cut the key interest rate by 50 bp to 8%
30.06.2009 NBR eases the monetary policy stance
06.05.2009 NBR cut the key rate by 50 bp to 9.5%
31.03.2009 The NBR softens reserve requirements for foreign currency liabilities
25.03.2009 Romania agreed for a EUR 20 bn financing package for the next two years
04.03.2009 GDP growth decelerated to 2.9 % yoy in Q4 2008
03.12.2008 Strong GDP growth in Q3
27.10.2008 S&P lowered Romania’s ratings to non-investment grade
25.09.2008 Monetary policy rate unchanged at 10.25%
01.09.2008 Strong GDP growth in Q2 much above market expectations
31.07.2008 NBR unexpectedly hiked the key rate by another 25 bp
26.06.2008 NBR increased the key interest rate by 25 bp as expected
02.06.2008 Stronger than expected economic growth in Q1 2008
06.05.2008 Key interest rates hiked by 25 bp
26.03.2008 Key interest rate hiked by 50 bp as expected
05.03.2008 Economic activity remained strong in 2007
04.02.2008 The NBR tightened aggressively the monetary policy stance
31.01.2008 Fitch changed rating outlook from stable to negative
07.01.2008 NBR increased the key rate by 50 bp as expected
05.11.2007 Standard & Poor’s changed the rating outlook for Romania from stable to negative
31.10.2007 NBR increased the key rate by 50 bp as expected
10.10.2007 Very large inflation rate in September
11.09.2007 Higher than expected inflation in August
07.09.2007 Still strong activity behind the low rate of GDP growth from Q2 2007
31.07.2007 Key interest rate remains at 7% as expected
05.06.2007 Good news behind the low rate of GDP growth in Q1 2007
21.05.2007 President Basescu remains in office
02.05.2007 NBR cut the key interest rate for a third time in a row
19.04.2007 Romanian Parliament suspended president Traian Basescu
05.04.2007 Standard & Poor’s changed the rating outlook for Romania from positive to stable
02.04.2007 Prime Minister fires democrat allies from the government
25.03.2007 NBR cut the key policy rate unexpectedly by 0.5%
09.03.2007 Strong economic growth in 2006
08.09.2006 GDP growth surprised again on the positive side in Q2 2006
05.09.2006 Standard & Poor's upgraded outlook from stable to positive

27.06.2006 Central bank strengths the fight against inflation
16.05.2006 European Commission delayed final recommendation on the date of Romania’s EU entry until October
27.03.2006 NBR holds unchanged its monetary interest rate
15.03.2006 Real GDP increased by 4.1% in 2005
08.02.2006 NBR increased the monetary policy rate by 100 bp

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Tel: 021.306.1991

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