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BNR raises bonus interest rates to Minimum Compulsory Reserves

The Romanian National Bank (BNR) has announced an increase in the bonus interest rates to the Minimum Compulsory Reserves set up by the commercial banks at the central bank, after the US Federal Reserves announced on Tuesday a drop in the key interest down to 2.25 percent.

BNR makes thus an attempt to determine the banks to place as much cash as possible in its deposits, so as to make the euro currency even more expensive, which is going to help the national bank swallow more lei (the national currency) from the market, via exchange rate trades, as a means of stopping the current inflationary trend. Thus, in the case of such minimum reserves in lei, the interest rate will stand at 3.05 percent (+0.45 percent), while in the case of those in euro the level of the interest rate will stay at 1.25 (unchanged), with the minimum compulsory reserves in dollars having the interest rate at 0.85 percent (-0.45 percent). The inflation rate stood at 0.7 percent in February, while in the latest 12 months (February 2007-February 2008), it stood at 7.97 percent, according to data released by the National Institute of Statistics. Sursa: http://www.rompress.ro

Tags: interest percent reserves compulsory bnr minimum euro