Elimination of part of RMO to bring some 800 mln euros on market

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Elimination of the minimum mandatory reserves (RMO) in forex-denominated liquidities maturing in more than 2 years will bring on the market some 800 million euros, stated on Thursday Romania’s National Bank (BNR) Governor Mugur Isarescu, present in the Central and Eastern-European Financial Forum, organized in Bucharest.
If we count it statically, at the current stock level, the amount would be up to one billion euros, approximately 800 million euros”, pointed out Isarescu.
At the end of March, BNR decided to allow commercial banks to reduce to zero their forex¬denominated liabilities maturing in more than 2 years from 40 percent, starting with the application period May 24 – June 23, 2009.
The commercial banks are compelled to deposit in accounts opened at BNR the minimum mandatory reserves, 40 percent in forex-denominated liquidities and 18 percent lei-denominated liquidities.
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