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Romania needs between 5 and 7 billion RON financing before the end of the year

de Radu Rizea
Marţi, 4 noiembrie 2008, 14:14 English | Business

Romania may need somewhere between 5 and 7 billion RON financing at the end of the year (1 Euro = 3.68 RON), money that can be obtained from the reserves at the Economy Ministry or from other sources, said the Economy Minister, Varujan Vosganian, on Tuesday.

Some of the money will be obtained through reducing the obligatory reserves banks have to submit to the Central Bank, while the rest should not be a problem, the official said, adding that he counts on finding financing with an interest under the Lombard interest rate.

The Central Bank reduced the obligatory reserves level for RON deposits from 20 to 18%, which means that some 2 billion RON will be released on the market, to reduce the tension in the monetary transactions.

Another financing source is represented by state bonds, the population proving a growing interest and more trust than before. During the past few days, 120 million RON worth of bonds were bought by the populace.

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