The minimum reserve requirements were left unchanged at 15% for Romanian-leu denominated liabilities and at 20% for foreign currency liabilities.
The resumption of the disinflation process allowed the launch of a new monetary easing cycle, which translated into lower interbank rates and better yields of government bonds, the central bank said in a detailed statement later Monday.
However, the lower monetary policy rates have had a limited impact on private lending, the statement noted.
“The ongoing adjustment of monetary conditions is aimed at preserving medium-term price stability, while paving the way for a sustainable recovery of lending in the private sector, restoring confidence and achieving lasting economic growth,” the central bank said.
The bank has resumed a monetary easing cycle in July this year, when it cut its main lending rate by 25 basis points from 5.25% a year.
Last month, central bank governor Mugur Isarescu said that lower monetary policy rates should send a positive signal to the market and prompt bankers to reduce interest rates on leu-denominated loans.
“Cheaper loans in domestic currency will support and strengthen the sustainable growth of the Romanian economy,” the central bank said, mentioning that commercial lenders have significant room to trim interest rates.