The central bank, BNR, also decided to maintain the existing levels of minimum reserve requirement ratios on both leu-denominated and foreign currency-denominated liabilities of credit institutions, it said in a statement.
The move was in line with market expectations. A poll conducted by the local Association of Financial and Banking Analysts, AAFBR, among its members earlier this week indicated the central bank is seen keeping the key interest rate and the minimum reserves ratios unchanged by the end of 2013.
"[..] the projected annual inflation rate was subject to revision under the temporary unfavourable impact of severe supply-side shocks. Thus, the updated projection underscores the prospect for the annual inflation rate to exceed the variation band around the central target (3.00 percent for 2012 and 2.5 percent starting 2013) by the second half of 2013 and thereafter to return and consolidate inside the variation band," BNR said.
Romania's annual inflation rate accelerated to 5.33% in September, from 3.88% in August.
"The monetary policy stance has aimed to anchor inflation expectations in the context of the transitory inflation bout, of heightened volatility of capital flows and the developments in exchange rates," BNR also said.
The major risks associated with the new forecast relate to a potential increase in capital flow volatility, amid a possible pdeterioration of the external environment, entailing unfavourable consequences on emerging economies. General elections in Romania, scheduled for December 9, can also increase these medium-term risks, it added.
The central bank also decided to ensure firm liquidity management in the banking system.
"[..] tightening liquidity management in the banking sector was reflected by the rise in interbank rates and their consolidation around the monetary policy rate. The expansion in lending to the private sector has further weakened, with a slowdown especially in the real annual growth of foreign currency credit," the bank said.
"The adjustment of the monetary policy stance aims to calibrate the monetary policy instruments in order to contain potential second-round effects of adverse supply-side shocks and to pave the way for the inflation rate to return inside the variation band around the central target over the medium term."
This policy, together with a consistent implementation of balanced macroeconomic policies, will create the necessary prerequisites for sustainable, lasting economic recovery, it added.
BNR cut the key rate to 6.0% in November 2011 and then by 25 basis points each in January, February and March, after keeping it unchanged at 6.25% for some 18 months.
The central bank will hold its next rate-setting meeting on January 7.
