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Emerging Markets Special Focus Reports

09 November 2011
• In the November inflation report, the Central Bank revised downwards its year end inflation forecast for 2011 at 3.3% from 4.6% previously and for 2012 at 3% from 3.5% previously
• After nineteen months of staying put, NBR surprised markets and cut interest rates by 25bps to 6% despite external environment concerns • The Romanian industrial sector can continue to prove resilient in the months ahead. Factoring in the good harvest, it is very likely for the economy to overshoot growth expectations in 2011
• The deterioration of market conditions may push yields above 5.75% for a forthcoming EMTN issue
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