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Bankers say that BNR manages « adequately » the money on the market

The adequate management of liquidity in the banking system, announced in several reports on inflation by Central bank (BNR ) made the banks to take Lombard credits from the BNR worth 1.86 billion lei, depositing in the central bank 1.65 billion lei, less than over the first four months of 2010.

' There is a deficit of liquidity in the banking system, without meaning anything bad. BNR tries to control the level of the exchange rate, with one eye on the interests on the interbanking market » the head economist of a bank said.

He wanted to deny the theories according to which banks would try to gather money to give it to the ministry of finances, which lately refused the offers for state bonds bids. ' This liquidity is or is not. If it isn't the banks do not have how to gather the money to place it to the state. BNR took the lions out of the market through a sale of foreign currency or collateral repo' the head economist said.

« At the same time, a part of the lei was withdrawn by the population, for fear the austerity measures taken by the government would drop the profitability of their deposits by supplementary taxing. But we discuss here about sums which should not pose any problems at the level of the entire banking system, as the rate of saving is rather reduced. We have heard rumours about stopping some speculative manifestations which have no reason. The market is reduced, the tradings are few, and the banks which placed speculative money were discouraged and have no longer appeared on the market for some time' the representative of another bank said.

The main role of liquidity is to make the final payment of all financial tradings in the economy ( different payments made by theclients of the banks, tradings on the financial markets given by lonas, budget payments, budget collection)Over the first four months the banks had overnight deposits ( maturity overnight) with BNR worth 193.06 billion lei, under the conditions where the placements gathered 55.93 billion lei for the whole last year.

Permanent facilities ( creditation and deposit) offered to credit institutions by BNR are accessed at the initiative of banks. They cannot get liquidity for short term (overnight) through marginal facilitation for credit and can place, at the end of the day, excedentary resources with BNR. The interests for permanent facilities are established in a symmetrical corridor of 4 percentage points against the interest rate of monetary policy, which means for the month of May a rate of 10.25% per year for credits and 2.25% per year for deposits.

Sursa: http://www.actmedia.eu

Tags: banks which liquidity market money bnr