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BNR: The Finance Ministry could use buffer fund for sound deficit financing

The Finance Ministry could use a buffer reserve fund for sound, sustainable and credible financing of the Government deficit, Governor of the National Bank of Romania (BNR) Mugur Isarescu told a meeting on Thursday where BNR unveiled the latest edition of its quarterly inflation report.

'The Finance Ministry could make use of a buffer fund to reconsolidate public debt, which could be optimised so as to contribute to a sustainable, sound and credible financing of the Government deficit,' said Isarescu.

Isarescu also mentioned that RON 11-12 billion in Government securities are needed for BNR to consolidate its creditor stand. 'We have to buy some billions of euros that will increase our currency reserves from the Finance Ministry so that we may change our stand. All the computation data will change,' said Isarescu.

'The Finance Ministry will be in no hurry to sell all its forex. A forex cache at the Finance Ministry is the strongest argument that the interest rates will get near to us and the banks see a much more modest advantage in buying Government securities,' said Isarescu. AGERPRES

 

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Tags: finance ministry financing isarescu deficit buffer could bnr sound

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