BNR scraps mandatory forex reserves to liabilities having longer than two years maturity

The National Bank of Romania (BNR) has scrapped the mandatory forex reserves to the liabilities that have longer than two years residual maturity. The BNR Board of Directors said the move would be enacted throughout June 23. It also decided to keep the key rate at 10 percent per annum.
The Board of Directors examined and approved a letter of intent sent to the International Monetary Fund on getting a foreign financing arrangement with the international financial institutions and the European Union.
The current level of the mandatory minimal reserve rate to the other leu- and forex liabilities has been kept at 40 percent in forex terms and 18 percent in leu terms respectively.
The central bank’s Board of Directors will closely monitor the domestic developments and the developments of the global economic climate so that, by using the adequate instruments the BNR has, it may ensure the attainment of the goals relating the achievement and maintenance of the medium-term price stability and financial stability, the Board of Directors said in a press release.
Banking analysts say that while the BNR move is a mere palliative, it may contribute to cutting the costs incurred by the commercial banks and may produce a difference of money that can be used for lending.
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