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Lazea: Interbanking interest rates are high because of quotations of 3-4 big banks

About three large banks have very high quotations for interst rates in lei, which raised the average interest rate in the market.

That is why BNR requests ARB to modify the way the interest is calculated and the interval in which interest rates for the population can vary in crisis situations, said Valentin Lazea, the chief economist of BNR.

At present, BNR is calculating the average inter-bank interest rates for deposits in lei according to the quotation of ten banks in the Romanian market. "It is important that the regulation by which ROBOR is calculated was elaborated some time ago by the Romanian Academy of Banks and approved by BNR, where it is not mentioned what will happen is situations of market failure, when interest rates go wild," Lazea explained. He added that BNR wishes a new regulation providing these situations of market failure and how the people's interest rates will be indexed in these situations."

"The BNR suggestion is that interest rates should not exceed the corridor between interest rate from the deposit facility, now between 6.29% and 14.25%". The president of ARB, Radu Ghetea, had explained in his turn that we were witnessing a moment in which the present rules we have in the lei market were not the most indicated ones.

"Those conditions do not necessarily mean that transactions were made in those conditions, When the average is made and ROBOR and ROBID of the day are communicated, extremes are eliminated and we have 18% with 57%, Ghetea said, adding that it would be interesting if BNR told them what were the quotations for which transactions were made and the average of interest rate for those transactions.The chief economist of BNR added that financial entities which have created problems of liquidity to Romanian banks are entities from abroad. "The problem did not start in Romania," Lazea said.

He added that the attack against the leu consisted of the speculations of foreigners on the depression of the leu, by which they watched the gain of those who had long positions on euro, but in the conditions in which there was not enough currency in the market is caused by the conclusion, in the period of setting up minimal compulsory reserves, the fact that banks are ready to make payments to the treasury as of 25 October and because of the banks' distrust, the latter keep the money more than necessary, " Lazea said.

Sursa: http://www.actmedia.ro

Tags: interest market bnr which banks rates quotations lazea euro

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