March 20, 2020 / 3:50 PM / 21 days ago

Romania's central bank delivers surprise rate cut to 2.0%

BUCHAREST, March 20 (Reuters) - Romania’s central bank cut its benchmark interest rate by 50 basis points to 2.0% in a surprise meeting on Friday and narrowed the corridor between its lending and deposit facilities, it said in a statement.

The unexpected rate cut, which the bank said aimed to curb the economic hurt of the coronavirus outbreak will be enforced from March 23.

The bank has also said it cut its lending rate facility to 2.50% from 3.50% previously, and kept its deposit rate at 1.50%, it said.

It will also provide liquidity to banks via repo transactions and purchase leu-denominated debt on the secondary market to consolidate structural liquidity in the banking system. (Reporting by Luiza Ilie; Editing by Radu Marinas)

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