Rates on the Romanian money market remain at 100%, but few transactions are closed

Speculations on Romania's national currency, the leu, and the set-up of mandatory minimum reserves drove up interest rates on the interbank market to 100 percent, but the only transactions concluded are swap contracts of nonresidents, according to dealers.

Swap transactions are made by foreign speculators who need money. The end of the set-up period for the mandatory minimum reserves determined the banks to raise interest rates to over 40 percent and even as much as 100 percent per year.

BNR posted today an average interbank bid rate (ROBID) of 18.89 percent, exceeding the 15.21 percent of the previous session and the interbank offer rate for overnight deposits (ROBOR) shot to 57 percent, from 53.28 percent on October 20.

High interest rates on the money market appreciated the leu to 3.5909 versus the euro, the lowest level of the euro since September 9, when BNR posted a reference exchange rate of 3.5802 lei per euro.

NewsIn