External broker reports(aggregated public sources), Unicredit

Unicredit Research

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External broker reports(aggregated public sources)

Unicredit

Macroeconomics

<ul><li>Today, the NBR decided to keep monetary-policy rates unchanged, despite the market penciling in a 25bp cut.</li><li>We had expected rate cuts to begin this month, locking in some of the 1pp in easing delivered through excess interbank liquidity, which stood at close to RON 50bn (2.8% of GDP) in April.</li><li>We believe that the NBR will start cutting on 5 July, lowering the policy rate to 6% before year-end.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Today, the NBR decided to keep monetary-policy rates unchanged, despite the market penciling in a 25bp cut.We had expected rate cuts to begin this month, locking in some of the 1pp in easing delivered through excess interbank liquidity, which stood at close to RON 50bn (2.8% of GDP) in April.We believe that the NBR will start cutting on 5 July, lowering the policy rate to 6% before year-end.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EEMEA Macro Flash - Romania: The NBR Postpones the First Cut, Probably to 5 July