Romania: Staff Report for 2004 Article IV Consultation and Request for Stand-By Arrangement
July 27, 2004
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Romania’s 2004 Article IV Consultation and Request for Stand-By Arrangement (SBA) are discussed. The authorities have requested a new precautionary 24-month SBA to secure macroeconomic stabilization and keep European Union accession on track. Romania has preserved competitiveness, despite the slowdown in depreciation and recently strong domestic demand. Exports remained the strongest component of aggregate demand and Romania continued to increase market share in its main trading partners. An exchange-rate-based monetary policy has been successful in accomplishing disinflation but has faced challenges in containing credit growth.
Subject: Balance of payments, Credit, Current account deficits, Economic sectors, Energy sector, External debt, Money, Privatization
Keywords: authority, CR, Credit, Current account deficits, Eastern Europe, Energy sector, Global, headline inflation inflation rate, ISCR, Privatization, profit tax reform, safeguards assessment of the National Bank of Romania, staff appraisal, U.S. dollar
Pages:
114
Volume:
2004
DOI:
Issue:
221
Series:
Country Report No. 2004/221
Stock No:
1ROMEA0032004
ISBN:
9781451933451
ISSN:
1934-7685
