By bne IntelliNews Most analysts expect the National Bank of Romania (BNR) to cut the policy rate at its July 5 board meeting, for the first time since the rate was set at 7% in January 2023. However, there is not a full consensus and some analysts point to elements that could further defer this step: the inflationary impact of the higher excise duties as of July, and the cautious positioning of the European Central Bank (ECB) and US Fed as well as local peers in the region. The Fed postponed its decision to cut interest rates, while the ECB suggests that the decrease in June will be the only …