Money that left Romania is coming back - DijmarescuUpdated: 26-02-2010 | Financial and Banking

The deposits volume in the Romanian banking system has grown lately, with the non-residents' deposits following the same trend on the background of the favourable difference in interest compared to other states, director of the Guarantee Fund of the Banking System Deposits Eugen Dijmarescu told Agerpres on Wednesday. 'The money left Romania some time ago, but now it is coming back', he said.

He stressed that while the deposits have grown by absolute volume, the depositors' number has dropped. The number of the guaranteed deposits has also gone up, as has the number of the non-guaranteed deposits, he added.

Dijmarescu said the Romanian banking system is solid and there is liquidity, but there is a problem with the management of such liquidity in order to get the economy re-started. In order to see this happen, partnerships among the clients, the banks and the administration would be needed, he argued.

The Guarantee Fund director said the banks are open to crediting the projects run on European funds, but stressed they need solid guarantee and if the administration understands this, Romania can emerge from the crisis 'by its own strength'.

When asked about a eurobond issue Romania plans to launch in the foreign market in the first quarter of this year, Dijmarescu, who when serving as Romania's ambassador to Japan had contributed to the achievement of the first two series of Romanian bonds in the Japanese market, said there currently is sufficient money for financing in the domestic market. 'The local resource is there', he said.

Dijmarescu pointed out that other states that entered the Tokyo capital market, as Romania did, did not leave that market as quickly, since it still offers low financing costs.Dijmarescu on Wednesday was awarded the honorary member's certificate by the Bucharest Chamber of Commerce and Industry and the gold badge of the chamber system.