Says we do not need exchange rate appreciation which would prove unsustainable
Rise of excess demand is still reasonable compared with 2008
Reiterates does not see much room for real exchange rate to appreciate
Effect of excess demand on core-2 inflation is less intense, likely because of imports
RON currency developments in q1 could barely be called depreciation
Sees inflation at 3.4 pct at end-q1 2019
Inflation will re-enter target margin in q4 2017