Bi-Weekly Report 20 October – 2 November 2020


The CBRT’s opting for “back-door” tightening fails to ease market concerns

Headline inflation remains stubbornly high at 11.9% y-o-y in October, broadly unchanged compared with end-2019, raising pressure on the CBRT to further tighten its stance

Inflation is set to embark on a downward trend only next year, due to positive base effects and a prospective policy tightening


Budget deficit hits record-high levels due to COVID-19-related loosening

Romania is in high need of fiscal consolidation

An elevated risk premium prompts the NBR to “wait-and-see”


Rising credit risk and heightened uncertainty, due to the pandemic, bring credit expansion to a halt

Customer deposits drop mildly, amid the pandemic, driven by the corporate segment

COVID-19 takes a toll on the residential real estate market


Bi-Weekly Report 20 October – 2 November 2020

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