NBH kept the base rate on hold (7.50%)

Tue, Nov 27 2007, 11:43 GMT
by Orsolya Nyeste

Erste Bank der oesterreichischen Sparkassen AG


As expected, the Monetary Council kept the base rate on hold (7.50%) today.

In the new quarterly Report on Inflation, the staff of the NBH raised its forecast for the 2008 average inflation to 5% y/y (from 4.5% published in August). For 2009, the new inflation forecast is 3% y/y (after 2.4% y/y in August). Both forecasts are more or less in line with expectations. The GDP growth forecast for 2007 was cut to 1.6% y/y, while for 2008 and 2009 the bank expects 2.4% y/y and 3.2% y/y GDP growth, respectively. In the August report, these GDP forecast figures stood at 2%, 2.7%, 3.4%, respectively.

The statement of the Monetary Council will be available a bit later, while the press conference is scheduled for 14.30. We will provide more information after that.

Published on  Tue, Nov 27 2007, 11:44 GMT

Erste Bank http://global.treasury.erstebank.com | Rainer.Singer@erstebank.at

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