Romania cuts interest rates 75 points

The Romanian central bank cut key interest rates by 75 basis points Friday to 19.25 percent, the central bank said.

The central bank said it had opted to cut rates by 75 basis points because of recent falls in inflation. Inflation in June stood at a year-on-year rate of 12 percent.

Romania hopes to join the European Union in 2007 or 2008, but analysts say it will need to make significant progress in its economic development to do so.

The government said last month it expected gross domestic prod

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