The central bank also maintained the minimum reserve requirements unchanged at 15% for Romanian leu-denominated liabilities and at 20% for foreign currency liabilities.
In August, the central bank kept its forecast on the year-end inflation unchanged at 3.2% in 2012, but warned of increased inflationary risks coming from higher prices in international markets, the leu’s depreciation against the euro and political tensions at home.
Romanian consumer prices rose 0.51% on the month in August, while the annual inflation accelerated for a third straight month to 3.88%.
“Recent assessments show a worsening short-term outlook for inflation, particularly in respect to volatile prices, as some risks highlighted earlier by the bank have materialised, especially those regarding developments in global and domestic food prices,” the central bank said in a statement.
However, the widely weak domestic demand is expected to further fuel disinflationary effects, the bank added.
The central bank has cut its main rate by 75 basis points to a record low of 5.25% in several steps this year, but a government collapse late April halted the monetary easing cycle. The decision was also influenced by a worsening external environment as the eurozone plunged deeper into the sovereign debt crisis.
“The external environment remained volatile, marred by uncertainties surrounding a lasting solution to the euro area sovereign debt crisis and the developments in the banking systems of some European countries, against the background of worsening growth prospects worldwide,” the central bank noted.
In this context, the high volatility in investor risk aversion will continue to negatively affect capital flows, it added.