EUR 4.8 bln from IMF ups BNR reserves by EUR 1.966 bln in May

Publish date: 02-06-2009
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The currency reserves of the National Bank of Romania (BNR) rose by EUR 1.966 bln in May, to EUR 24.886 bln, according to a the central bank release on Monday, in the context of the 4.27 bln Special Drawing Rights (EUR 4.8 bln) inflow accounting for the first instalment with IMF accord. Inflows equal EUR 6.288 bln, accounting for tranche 1 in the stand-by agreement with the IMF (4.37 bln in Special Drawing Rights - SDRs), along with the change in minimum hard currency reserves required of credit institutions the supplying of the European Commission account, revenues obtained from the handling of international reserves, inter-banking market operations and others, the release states. On the other hand, outflows totalled EUR 4.322 BLN, representing the change in minimum hard currency reserves required of credit institutions, following BNR's decision to cut down to 0 the minimum mandatory reserves for hard currency means with a maturity term beyond two years, the impact of USD devaluation against euro - boosted by the high rate of USD in the hard currency structure of the IMF loan (over 60 per cent), the volume of paying dates for hard currency swap operations which provided a portion of liquidity needs on the inter-banking market during the previous period, payments into the European Commission account, payments of rates and interests afferent to the direct state-backed foreign public debt and other operations.

RON 3.6 bln in inter-banking injections, at 9.5 pc interest

Separately, BNR conducted Monday a repo-type operation whereby it injected RON 3.6 bln in the market at an interest of 9.5 per cent a year, equal to the monetary policy rate, according to Mediafax. A number of 15 banks joined in the operation, and the loan is due in one month.

In the repo-type operation, BNR offers liquidity to commercial banks and takes bonds in. Commercial banks offered interests of between 10.06 and 10.56 per cent Monday, down from 10.32-10.82 per cent, Friday. For weekly placements, credit institutions practice interests of 10.05-10.55 per cent, from 10.35-10.85 per cent in the previous session.

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