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OUTLOOK 2021 Lithuania
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OUTLOOK 2021 Czechia
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OUTLOOK 2021 Slovakia
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OUTLOOK 2021 Albania
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OUTLOOK 2020 Bulgaria
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OUTLOOK 2021 Armenia
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OUTLOOK 2021 Uzbekistan
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Question: Hello - did you see Isarescu commenting on a potential ideal gap between the policy rate and inflation during the Q&A pls?
indeed Isarescu touched this topic. But it was about the gap between inflation and money market interest rates [not policy interest rate].
What he clearly said, was that no one should expect the interest rates to rise in line with inflation soon [this would be bankers' wishful thinking, he implied between the lines]. He also mentioned that the [nearly] 2pp between the interest rates and inflation in Europe [euro area] is same in Romania [more or less, with the gap wider in Romania judging by numbers] at this moment. He did not say whether the gap will remain the same, but he implied that the developments in Romania should [and he stressed, in his opinion] converge to the developments in Europe. Both the interest rates and inflation in Romania should converge to same levels as in Europe , he also added. Isarescu also mentioned debates among monetary board's members about the process of normalisation of the monetary policy in Europe -- by normalisation meaning the return to real positive interest rates, sterilisation and monetary transmission mechanism as we know it. It is a process that impacts Romania significantly, he stated, and its dynamics is still unclear. [such normalisation would compress the 2pp gap and in fact, eventually, turn it negative -- our comments here ] In conclusion, the 2pp gap should be regarded as a dynamic target -- likely to follow the developments in the euro area. Because otherwise, combined with the 3.5% y/y yearend conflagration target it would result in 1.5% interest rates at the end of the year [which is unrealistic].
The bottom line: Isarescu's comments were not about the policy rate, but about the interest rates.
whole speech here https://www.youtube.com/watch?v=ttY05QnX034 with the para mentioned starting min45
Latvia’s central bank, Latvijas Banka, has revised its GDP and inflation forecasts. In the light of the latest global economic developments, including the implications of the second wave of the ...
Serbia’s President Aleksandar Vucic was fined €1,700 by the Belgrade First Basic Court for calling far-right opposition leader Bosko Obradovic a fascist and thief, Obradovic announced on Twitter. ...
Wizz Air sold €500mn worth of three-year bonds at an interest rate of just 1.35% on January 13 after receiving more than €2bn of orders from investors, ...
Poland-based parcel locker operator InPost will carry out an initial public offering (IPO) on Euronext Amsterdam, the company said on January 13.
The announcement confirms earlier speculation of ...
Iran’s foreign minister, Mohammad Javad Zarif, told a visiting South Korean delegation on January 11 that the release of the Hankuk Chemi oil tanker and its 20 crew ...
The Mongolian government is considering terminating and replacing the development and financial plan for the Oyu Tolgoi copper and gold mine, Rio Tinto-controlled Turquoise Hill Resources said on ...
An explosion has ripped through a major pipeline in Ukraine’s central Poltava region that pumps Russian gas to Europe, authorities have said. Russian transit volumes are unaffected, however, ...
Poland’s anti-monopoly watchdog UOKiK blocked the takeover of media group Eurozet by one of Poland’s largest media companies, the Warsaw-listed Agora, UOKiK said on January 7. The decision was ...
Dozens of Bulgarian men breached coronavirus (COVID-19) safety measures on January 6, dancing together in the waters of the Tundzha river in the town of Kalofer to celebrate the Epiphany ...
Iran has displayed hundreds of domestically produced combat drones at war games held in central Semnan province, the semi-official Fars news agency ...
Fugitive Bulgarian gambling mogul Vassil Bozhkov said on January 4 he has set up a political party and intends to run in the next general election, which is due to be called in March this year.
Slovenia’s finance ministry announced on January 4 that it has commissioned several international banks to manage a new 10-year Eurobond issue and increase a 30-year bond issue due in 2050.
Uzbekistan’s possible accession into the Russia-led Eurasian Economic Union (EEU) has been a question debated within and outside the country for two years. Membership would carry clear benefits and ...
Serbia started receiving natural gas through Bulgaria into its section of the extension of Gazprom's Turkish Stream pipeline for gas transit to Europe dubbed Balkan Stream, after officially launching ...
The Polish government announced on December 17 that the current measures to combat the spread of the coronavirus (COVID-19) pandemic will remain in place until January 17, with some extra regulations ...
Montenegro wants good relations with everyone but particularly with Russia, the country’s newly-elected Prime Minister Zdravko Krivokapic said on December 17 at a meeting with Russia’s ambassador ...
Albania’s Kastrati Group is reportedly in negotiations to acquire Tirana airport from Chinese investors, local media reported on December 16.
Tirana International Airport (TIA) is currently the ...
Tehran Mayor Pirouz Hanachi on December 17 inaugurated two new metro stations and said another eight would soon be ready to go into operation on the rapidly expanding subway, LIT magazine ...
Bulgaria’s government decided on December 17 to extend the lockdown until the end of January and to increase state aid to companies to help them to retain their employees.
At the end ...
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