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BNR facilitates the communication on the monetary market

The National Bank (BNR) will have discussions with al the banks from the system in order to give them data regarding their position on the monetary and foreign exchange market, but also what resulted from the swap operations, BNR Vice-Governor Eugen Dijmarescu declared, quoted by Mediafax. According to him, the Central Bank will facilitate the communication on these markets.

"The Central Bank vows to mediate the communication in the market, through discussions with each bank, if they want so," Dijmarescu said at an economic seminar in Thessalonica. He pointed out that there are banks with liquidities and credit institutions that need money, but which do not "meet" directly in the market and in these moments everybody tries to speculate and mediate the investment of the money.

"On the trading platform the banks see only the quotation, they do not know if behind the quotation there is someone with a surplus of liquidity or a broker. Watching the reality from the market we can speak with any bank, if they want so, in order to better know which their positions in RON and foreign currency are, how the swap transactions influence them," BNR Vice-Governor explained. Referring to the evolutions from the past few days, Dijmarescu reiterated the BNR position regarding the temporary character of the exaggerated growth of the interest rates.

Moreover, he considers that there is enough liquidity in the system for the everyday needs of the internal market. "We have seen how much it is a real need of money and how much it is a matter of profit, and we realized that there is still enough liquidity," BNR official added. The same situation was found also on the foreign currency market where BNR interventions were meant to show the level of the quotations corresponding to the "real" demand of foreign currency.

"One cannot leave the market to evolve only based on quotations, without a real demand of foreign currency, for instance, because you affect too many people. When you intervene with real money on the market, you really see the trading needs and where the exchange is really made," Dijmarescu added. On Monday, BNR Governor Mugur Isarescu had pointed out that the interest rates will continue to fall, and that what happens now in the monetary market is just a circumstantial situation.

 

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Tags: market foreign monetary communication bnr

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