Romanian Central Bank sets inflation target at 3% for 2012

The Romanian Central Bank (BNR) Tuesday decided to keep the 2012 inflation target at 3 percent, with one percentage point variation band, and to adopt a flat multi-annual inflation target of 2.5 percent, plus/minus 1 percentage point, as of 2013. The assumed targets will be discussed with the government, the bank said. The BNR has recently revised upward its year-end inflation target to 7.8 percent in 2010 from 3.7 percent previously, following the introduction in July of a 5 percentage point increase in the sales tax to 24 percent. BNR has also kept the monetary policy interest rate unchanged at 6.25 percent after its most recent monetary policy meeting on November 2. Mediafax, Romania-Insider.com