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Prices will go up 3% as a result of the VAT hike from 19% to 24%, the Central Bank estimated.
Therefore, the Central Bank said the inflation rate will climb this year from an estimated 3.7% to 7.8%, and rise next year too, from an initial estimate of 2.8% to 3.1%.
The Central Bank Governor Mugur Isarescu said Romania might adopt the Euro earlier than January 1st, 2015. "The adoption of the Euro could cathalize more coherent policies, Isarescu said. This is why the Central Bank position is to support an early adoption of the Euro, but only insofar as the market evolutions support it. This is crucial to keep the target a realistic one," Isarescu added.
The criteria allowing EU member states to opt for the Euro is to keep their inflation rate under 1.5%, their budget deficit under 3% of GDP, and the public debt under 60% of GDP.
Translated by AAP
