Central Bank cuts FX reserves requirement

Thus, starting with late April, commercial banks will have to keep at BNR only 20% of their short term FX liabilities compared to 25% before. Reserves requirements for RON denominated liabilities were left unchanged. Although, we have taken into account a cut of these reserve requirements in our models (to 15% for FX and to 10% for RON by the end of 2011), we view positively this piece of news since it was largely unexpected by the market. This cut, which means cheaper FX funding for the banks, will release around EUR 210 mn for BRD-GSG and EUR 80 mn for Banca Transilvania.

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