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Monetary Policy

Cyprus: Votes on Mandatory Levy

In case the government will not come to conclusion how to generate the required money (€ 5.8bn), the ECB will cut off the money supply for Cyprus’ ramshackle banks.

March 23, 2013

“Polish Economy Continues to Enjoy Full Trust of Foreign Markets”

Polands Finance Minister is satisfied with the result of the auction of Polish bonds issued earlier this week.

March 23, 2013

Poland’s Finance Minister Shows Optimism

Deputy Finance Minister Majszczyk announced that Poland will not exeed the planned budget deficit and forcasts economic growth for the second half of the year.

March 22, 2013

EVN to Start Arbitration Procedure

Today, Austrian power supply company EVN informed the state of Bulgaria about opening arbitration proceedings.

March 19, 2013

Cyprus: Small Investors To Be Excluded From Tax

After protests among Cyprus‘ citizens arised and harsh criticism was expressed, the government now intends to exclude small savers from the compulsary tax and grant them a relief.

March 19, 2013

EU Budget to be Increased

Because of Croatia’s EU entry on July 1, 2013 the budget has to be elevated

March 18, 2013

Cyprus: Parliament Votes Tomorrow For Rescue Package

The Cyprian parliament is unlikely to vote in favor for the rescue package which forces bank clients to contribute with their private money.

March 18, 2013

Hungary: New Interest Rate Cuts Ahead

Since the beginning of March, Hungary´s National Bank MNB has a new governor. The government wants MNB to lower the base rate further.

March 16, 2013

Historical Moment for Serbia And Kosovo

Both governments have come to an agreement, similar to the Treaty on the Basis of Relations (Basic Treaty) between the two German states.

March 16, 2013

Cyprus to Receive € 10bn in EU Aid Money

Russia being the biggest investor in Cyprus offered extension of credits. In return, austerity measures and reforms are demanded.

March 16, 2013

Poland: Inflation Decreasing

Declining inflation was supported by weaker demand and cost pressures in the economy, decrease in energy price growth as well as zloty exchange rate stronger than a year ago.

March 15, 2013

Russia: Former Economy Minister To Become New Governor Of Central Bank

Former economy minister Elvira Nabiullina will take over the post of the Central Bank of Russia (CBR) Governor.

March 14, 2013

Croatia: HRK 380m To Be Paid Into The State Budget

At its session today, the Croatian National Bank (CNB) Council examined the latest monetary and economic indicators as well as a report on the banking system condition in the last quarter of 2012.

March 14, 2013

Serbia: Key Policy Rate Kept at 11.75%

The Executive Board of the National Bank has decided in its meeting to keep the key policy rate at 11.75%.

March 13, 2013

Belgrade Initiative to Support Serbia´s Financial System

The first meeting of the Belgrade Initiative, a host country cross-border banking forum, was held in Belgrade today.

March 8, 2013

Slovenian National Bank: “GDP Decline in Line with Expectations”

The Governing Board of the Bank of Slovenia discussed current economic and financial developments.

March 7, 2013

Latvia: Letter Requesting the Convergence Report is Signed

The Baltic country wants to become a member of the Eurozone by 2014.

March 5, 2013

Latvia: Eager for the Euro. But ready?

Latvia’s leadership considers adopting the Euro in 2015 or 2016. Despite of showing the fastest economic growth rate at 5.1 % in Europe, there is scepticism Latvian population.

March 4, 2013

Czech Republic: CNB Fights Against Recession

As the interest rate was cut to a technical zero, the Czech National Bank considers intervening against the crown.

March 4, 2013

Lithuanian Banking Sector: Lending Up, Profitability Down

Over the past year, the assets of banks operating in the country and branches of foreign banks decreased.

March 2, 2013

Poland: Fiscal Treaty Ratified

Poland´s President Bronislaw Komorowski has signed the EU Fiscal Pact this week.

March 1, 2013

Euro Adoption: Poland Has No Fixed Date Yet

For the time being, Poland wants to meet the Maastricht Criteria. The date for entering the Eurozone will be fixed in 2015.

February 27, 2013

Hungary Cuts Interest Rate

Due to the economic crisis, Hungary´s National Bank (MNB) has lowered the interest rate from 5.50% to 5.25%.

February 26, 2013

Poland: Rostowki’s Fight for the Euro

Even though Poland’s rating outlook has been revised from “A-“ to “A” by Fitch it still has to face political reforms in order to improve its economic competitiveness.

February 24, 2013

Poland: Nuclear Power Plant Project Wobbles

Poland´s Treasury Minister Mikolaj Budzanowski explained that Poland cannot afford the nuclear power plant.

February 23, 2013

Ukrainian Banking Sector Shows Small Progress

NBU, the National Bank of Ukraine stresses that deposits and lending is growing decently. The inflation remains low.

February 22, 2013

“No further tightening of corporate credit conditions”

The Hungarian National Bank has today published the results of its latest lending survey. The survey conducted in January 2013 found that credit conditions for non-financial corporations had not been tightened further.

February 22, 2013

Situation in Bulgaria Remains Tense

After the resignation of the Bulgarian government, the political atmosphere is at a tipping point. The protests continue and are broadening.

February 21, 2013

Romania: Key Rate to Remain Unchanged

“In line with our expectations and market consensus, the central bank remained on hold at its latest monetary policy meeting (5 February)”, Raiffeisen Research reports.

February 21, 2013

Ukraine: Hryvnia Expected to Weaken Slightly

Hryvnia enjoyed good support at the market in early 2013 amid diminished depreciation expectations and accelerated debt inflows, Raiffeisen Research reports.

February 21, 2013

Ukraine: Deal With IMF to be Cut in Summer

The visit of IMF mission to Kyiv did not bring the immediate results. Raiffeisen Research expects the negotiations to be rather prolonged.

February 20, 2013

Poland: Rostowski Calls for Structural Reforms

Minister of Finance Jacek Rostowski wants his country to join the Eurozone. However, Poland has to implement fiscal reforms, he claims.

February 18, 2013

Euro Adoption: Latvian People Not Convinced at All

Latvia´s government is proud of its austerity course of the last years. According to Prime Minister Valdis Dombrovskis, the country is ready for the euro.

February 16, 2013

Russia: Consumer Loans Growing Substantially

At the moment, the market for consumer loans is growing by 40%. The household indebtedness is still relatively low.

February 13, 2013

IMF Supports Lithuania´s Aim to Enter Eurozone

In 2015, the Baltic country wants to become a member of the Eurozone. According to Prime Minister Algirdas Butkevicius, the IMF welcomes this decision.

February 12, 2013

Russia Makes Oil to Gold

In the last decade, Russia´s government has transformed the oil exports into gold reserves. No other country has bought more gold in the last years.

February 12, 2013

Inflation Slightly Below CNB’s Forecast

The Czech National Bank comments on the January 2013 inflation figures.

February 12, 2013

Russia: National Bank Under Pressure

Russia´s National Bank faces a growing inflation rate. At the same time, the economic growth flattens.

February 9, 2013

Ukraine: Foreign Exchange Reserves on the Rise

International reserves increased by USD 106 million over January 2013.

February 8, 2013

NBP Cut Interest Rate Again

The Council of the National Bank of Poland decided to decrease the interest rates by 0.25 percentage points.

February 7, 2013

Czech National Bank Keeps Interest Rates Unchanged

The CNB Bank Board decided at its meeting today to keep interest rates unchanged. The two-week repo rate was maintained at 0.05%, the discount rate at 0.05% and the Lombard rate at 0.25%.

February 6, 2013

Romania Keeps Interest Rate Flat

In its meeting, the Board of the National Bank of Romania decided to keep the monetary policy rate unchanged at 5.25 percent per annum and too ensure adequate liquidity management in the banking system.

February 6, 2013

Poland: Banks Continue to Tighten Lending Policy

NBP Report: In the fourth quarter of 2012, the banks continued to reduce the availability of loans to households and small and medium-sized enterprises. The banks expected demand for housing loans to decline sharply in the first quarter of 2013.

February 4, 2013

Tusk: “Poland Becomes a Full Member of the EU”

Poland´s Prime Minister Donald Tusk, Poland will join the Fiscal Pact. The conservative opposition rejects this step.

February 2, 2013

Lower Constraints for Romanian National Bank

Central bank to remain on hold, but room to ease control over liquidity conditions has increased, Raiffeisen Research reports.

February 1, 2013

Czech Republic: Disputes Over Fiscal Pact

In the Czech Republic, the ruling coalition parties do not have a common point of view.

January 31, 2013

Poland to Fulfill Convergence Criteria Gradually

Governor of NBP (National Bank of Poland) Marek Belka argues that the country will not meet all the Maastricht Criteria simultaneously.

January 31, 2013

ECB Extends Co-Operation with National Bank of Serbia

Today, the European Central Bank (ECB) decided to extend the two-year central bank cooperation programme with the National Bank of Serbia (NBS).

January 31, 2013

„Whatever Happens to the Euro, Happens to Our Currency“

In an interview with the Austrian daily newspaper “Kurier”, Latvia´s Prime Minister Valdis Dombrovskis explains why Latvia joins the Eurozone. However, the Latvians are not convinced at all.

January 30, 2013

National Bank of Serbia Fights Against Inflation

The asset quality in the banking sector shows first signs of stabilization, Raiffeisen Research reports.

January 30, 2013