The press conference following the Romanian MPC meeting earlier today confirmed our view that the resignation of the Prime Minister yesterday would prompt the Council to adopt a more cautious line. Nonetheless, we don’t think the outlook for interest rates has changed significantly. We expect the policy rate to remain at its current historic low of 1.75% into next year. Elsewhere, the Czech MPC maintained a dovish stance at its post-meeting press conference, and suggested that the exchange rate ceiling will remain in place for longer than it has previously committed to.
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