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| FISCAL FACILITIES IN THE ROMANIAN ECONOMY 01/07/09 |
| (2009-07-01) |
| Last updated: 2009-07-02 14:00 EET |
Under the pressure of the crisis, the Executive and the National Bank have passed measures meant to encourage economic activity. Therefore, the National Bank of Romania has reduced the monetary policy interest rate from 9.5% to 9% and the institutions’ rate of minimum compulsory reserves applicable to hard currency liabilities from 40% to 35%. These measures, which reflect the National Bank’s concern with the degradation of the economic situation, are possible because it is efficiently controlling inflation, experts believe. Here is analyst Ionuţ Dumitru.
“We have witnessed a re-positioning of the monetary policy to the new conditions on the financial markets and of the real economy. The National Bank can afford to reduce the monetary policy interest rate and to relax the monetary policy; its decisions point to its concern with the developments in economy, given that the real economy has sharply deteriorated lately and the GDP actually plummeted in the first quarter of the year. Probably the GDP will fall even lower in the second and third quarters. Actually the National Bank has re-positioned its instruments adapting them to the new conditions of the financial and economic markets”.
If the National Bank of Romania wants to boost the economy by cutting interest rates on loans, the government is trying to save those companies which the crisis, and not their own faulty policies, has prevented from paying their debts to the state.Prime Minister Emil Boc explains:
“We support these companies in the following way: we postpone the payment of outstanding fiscal obligations for a 6-month period, on condition they pay their debts for the current month. The facility they benefit from is that they are not subject to forced execution on account of their debt to the state budget caused by the crisis; what they have to do is pay their monthly obligations. “
The government also intends to negotiate with the IMF and the European Commission a new facility for the companies that hire unemployed people; the facility consists of reducing by half the social contribution they have to pay for these people.
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