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Jeffrey Franks (IMF): Central bank's forex reserves aplenty and still rising

The foreign exchange reserves of the National Bank of Romania are sufficient, International Monetary Fund (IMF) mission chief for Romania Jeffrey Franks declared on Monday after talks with BNR officials.

'BNR's foreign currency position is strong and can strengthen further, if a new tranche flows in until the end of the year,' Franks said on Monday. The IMF Board will discuss the outcomes of the assessments conducted by the mission currently in Bucharest and possibly decide the release of a new tranche of the loan for Romania; the money will enter the central bank's currency reserves for the repayment of the foreign debt.

On September 30, 2010, the foreign exchange reserves of the National Bank of Romania were standing at 32.579 billion euros, up from 31.554 billion euros on August 31, 2010.September's inflows stood at 2.57 billion euros representing the sixth disbursement of a Stand-by agreement with the International Monetary Fund (IMF), changes in the foreign exchange reserve requirements of the credit institutions, inflows into the European Commission's account, inflows in the Ministry of Finance accounts (including the third disbursement of the loan from the European Commission), and incomes registered from the management of foreign exchange reserves.

Outflows totalled 1.54 billion euros, representing changes in the foreign exchange reserve requirements of the credit institutions, payments from the European Commission's account, interest and principal payments on public and publicly guaranteed external debt. The sixth International Monetary Fund mission tasked with the review of Romania's economic performance in accordance with the Stand-By Agreement and the additional letter of intent arrived in Bucharest last week.

Romania has received so far 11.27 billion euros out of a total of 13.15 billion euro loan agreement with the IMF, plus 3.5 billion euros of the 5 billion euros worth of loan arrangement with the EC and 300 million euros from the World Bank. The total financial support package Romania and the world lenders agreed upon on May 4, 2009 is worth a total of 20 billion euros.

Sursa: http://www.actmedia.eu

Tags: billion euros franks romania reserves exchange foreign euro bnr

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