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BNR strives to make liquidities available to banks

Romania's National Bank has injected a massive amount of lei on the monetary market, in March, to be sure the interest rates do no longer climb up, even on the backdrop of a high financing demand from the state's Treasury, under conditions in which banking clients are faced with increased problems in the field of credit repayment.

According to Ziarul financiar daily, BNR has injected in March 13.2 billion lei (3 billion euros) - as a daily average volume - through repo operations. The amounts were made available at an interest rate of 10 percent per year, at the level BNR set the monetary policy rate in February.

'BNR attempts to couple the monetary policy rate to the rates on the inter-banking market. For maturities longer than one month the interest rates are further some points above the monetary policy rate. If one plans a relaxation of the monetary policy, this has sense as long as the interest rate is relevant for the market. Which is debatable at the moment', said Radu Craciun, investment manager with Eureko Pensions.

Population's overdue payments showed a jump of 18 percent in March, to 1.3 billion lei (309 million euros), the largest portion being lei credits. Compared to February 2008 the arrears doubled.

On the background of a deterioration of their credit portfolios the banks were forced to continue to accumulate provisions. In March alone the banks put aside 207 million euros, and the volume of accumulated provisions at the level of the system, for covering the credit risk, went up to almost 2.3 billion euros.

Credits in doubtful and loss categories (reflecting delays exceeding 60 days as for the installments repayment) account for 8.4 percent of the total banks exposure to clients, of 198.5 billion lei (46.3 billion euros). This weight is twice as much as the one in February last year, of 4.3 percent. Yet banks provisions cover 4.85 percent of the total exposure to clients, at a level viewed as comfortable.

 

Sursa: http://www.actmedia.eu

Tags: euros percent bnr billion monetary banks bnr

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