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ING Report : The drop in foreign currency reserves in BNR could be due to intervention to support the leu

The drop in foreign currency reserves of the BNR could be due to the BNR intervention on the interbanking market to stop the depreciation of the leu, the head economist of ING Bank Nicolae Chidesciuc said, in a report published on Wednesday.

He estimated that the central bank intervened with sums between 500 million euro and one billion euro to support the national currency.The ING analysts have two scenarios regarding the amount of euro sold by BNR. Thus, the first scenario BNR would intervene on the market with a little above 830 million euro and in the second scenario it is smaller of 601 million euro.

« Although the outputs were significant ( the total value of output being the double against the previous month) they were compensated by the positive contribution of the euro/dollar dynamics. The US dollar got approximately 8.3% against the euro in May, and the assets denominated in dollars grew probably by over 900 million euro, if they are evaluated in euro' the report says.

Nicolae Chidesciuc shows that the pressure on the leu was high enough taking into consideration the high volume of interventions, and at present there is no excess of liquidity on the market.

The foreign currency reserves of BNR were at the end of May at the level of 31,989 billion euro, 397 million less than at the end of April according to the data of the central bank. The decrease of the reserves was due to input of 1,674 billion euro while the output were 2,071 billion euro.

According to BNR the input were represented by the feed of accounts of the ministry of finances, the alteration of minimum reserves in foreign currency set up by credit institutions, income in the administration of international reserves.

At the same time, the output were represented by the alteration of the minimum reserves in foreign currency set up by credit institutions, payments in the account of the European Commission, payment of installments and interests to the foreign public debt guaranteed by the state.

Sursa: http://www.actmedia.eu

Tags: bnr million euro ing reserves report foreign currency euro

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