The central bank board also kept rates for its deposit and lending facilities unchanged at 1.5% and 3.5%, respectively.
It also left minimum reserve requirements on foreign currency liabilities and for leu deposits unchanged at 8%.
At its previous monetary policy meeting in May, the central bank raised the key rate by 25 basis points to 2.5%. It also raised the interest rate for its deposit facility to 1.5% from 1.25% a year, and for its lending facility to 3.5% from 3.25%.
The latest assessments reconfirm the outlook for the annual inflation rate to level off above the variation band of the target over the next months, followed by its decline near the upper bound of the variation band at the end of this year, in line with the May 2018 medium-term forecast.
The uncertainties and risks surrounding the medium-term inflation outlook are significant. They stem from labor market conditions, developments in administered prices and in oil prices, as well as from international financial market volatility. Also relevant are the economic growth pace in the euro area and globally and the danger of escalating trade protectionism.
Board decisions aim to ensure and preserve price stability over the medium term in a manner conducive to achieving sustainable economic growth and amid safeguarding financial stability, the central bank said. The board underlines that the balanced macroeconomic policy mix and the implementation of structural reforms designed to foster the growth potential over the long term are of the essence in preserving a stable macroeconomic framework and strengthening the capacity of the Romanian economy to withstand potential adverse developments.