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Minimum reserves – BNR slashes reserves for foreign currency passives from 30% to 25%

The board of Romania's Central Bank (BNR) decided to lower the level of minimum mandatory reserves for banks' foreign currency passives from 30 percent to 25 percent, as the International Monetary Fund (IMF) postponed the third installment within the external loan.

BNR could pump more than 1 billion euros on the market by cutting the minimum mandatory reserves. On November 6, the Public Finance Ministry (MFP) collected 793.8 million euros by issuing state securities with foreign currency coupon maturing in three years, amount that covers half of the third installment from IMF that should have entered the country in December and finance the budget gap on 2009.

That was the second bid with foreign currency securities this year, after MFP placed on August 14 state-bonds in euro maturing in four years, worth 447 million euros, 49 percent above the announced level. The interest rate was of 5.25 percent a year. In July, the ministry borrowed about 1 billion euro from the Romanian lenders through a "club loan" agreement, to finance the budget gap.IMF postponed sending the third installment worth 1.5 billion euros within the external loan following the political issues, next to the EC, which had to grant the second installment of 1 billion euros by year-end.

Romania inked an agreement with the International Monetary Fund (IMF), the European Commission (EC), the World Bank and the European Bank for Reconstruction and Development (EBRD) for an external loan of almost 20 billion euros for two years.

Sursa: http://www.actmedia.eu/

Tags: reserves billion euros minimum currency foreign bnr euro mfp

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