Romania Ctrl Bank Oct Lombard Lending At RON19.4B

Publish date: 24-11-2009
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Romanian banks borrowed in October 19.4 billion lei (EUR1=RON4.2809) from the central bank through the Lombard facility, 40% more compared with RON13.87 billion borrowed in September, central bank data showed Monday.

The Lombard rate in October was 12%, same as in September.

However, the Lombard loans granted in October were well below the RON49 million figure recorded in the same month of 2008.
In January to October, the lenders borrowed RON35.34 billion from the central bank.

Through the deposit facility, the central bank attracted deposits worth RON554.8 million in October, 12-times less than the RON6.7 billion deposited in September.
The central bank offers lenders the short-term Lombard loan with an interest rate of the key monetary policy rate plus four percentage points. The banks can place their funds at the central bank at an interest rate equal to the key monetary policy rate minus four percentage points.

In October, the central bank pumped RON2.81 billion into the money market in repurchase agreement operations, compared with RON381 million injected in September.
There were no reverse repos in October.

Romania's central bank in September cut its key monetary rate by 50 basis points to 8%, the fifth rate cut this year. In a subsequent meeting early November, the central bank also lowered the minimum reserve requirements on forex-denominated liabilities to 25%, from 30%.

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