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Romanian Central Bank reduces the interest to 8.5% and the minimum foreign currency deposits to 30%

de The Economic Department
Marţi, 4 august 2009, 13:32 English | Business

Romania's Central Bank (BNR) reduced the yearly monetary policy interest on Tuesday, from 9% to 8.5%, according to the analysts' expectations. This is the lowest interest level since March 2008.

Also on Tuesday, BNR Administrative Assembly decided in favour of an additional measure meant to increase the liquidities on the market, namely a lower foreign currency deposits request from the banks, dropping the initial 35% figure to 30%.

BNR Administrative Assembly decided on August 4, 2009 to:

  • Reduce the monetary policy interest to 8.5% per year, from 9%, starting August 5, 2009;
  • Reduce the level of the compulsory minimum foreign currency passives (...) of credit institutions from 35% to 30%, starting August 24 - September 23, 2009;
  • Actively use market operations in order to manage liquidity in the banking system accordingly and to reduce the expiring date of the main monetary policy instrument.

BNR's Administrative Assembly analysed and approved the Quarterly report on inflation, which will be made public during a press conference on August 6, 2009.

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