Annual advance for lending to slow down to 15% in 2009, Romania's central bank vice governor deems

Publish date: 29-10-2008
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Romania's Central Bank (BNR) estimates the annual growth rate for lending will temper to 15 percent next year, over this year's advance of more than 60 percent, said BNR vice governor, Cristian Popa.

The annual growth rate for lending reached the record high in January, of 67 percent, but slowed down gradually, to 50.5 percent in September.

Romania's total private external debt stands at 42.4 percent of the gross domestic product (GDP), of which 26.8 percent represents the long term private debt, said Popa, adding the whole debt is covered by the foreign currency reserves by 92.4 percent.

BNR estimates a current account deficit of 13.3 percent in the GDP at the end of the year, from 14 percent in 2007.

The central bank can use all the foreign currency reserves, as banks must keep them at BNR, said Popa, underlining the only way minimum reserves can drop is for liabilities to disappear, which is not possible.


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