Press Release of the Board of the National Bank of Romania
16.11.2009
On November 16, 2009, the Board of the National Bank of Romania has held a special meeting to analyze the budgetary, monetary and financial impact of the deviation from the external borrowing calendar for the fourth quarter of this year under Romania’s multilateral arrangement with the European Union, the International Monetary Fund and other international financial institutions.
Given the delayed external inflows, ensuring a proper financing of the government sector borrowing needs from domestic market resources in the last part of 2009, while preserving the macroeconomic equilibria, requires adequate financing conditions in the Romanian banking system.
Therefore, the NBR Board has decided to lower the minimum reserve requirements ratio on foreign currency-denominated liabilities with residual maturities of up to two years to 25 percent from 30 percent starting with the November 24-December 23, 2009, maintenance period.
The decision aims also to gradually align the minimum reserve requirements ratios to European Central Bank standards.
In line with the previously announced calendar, the next NBR Board meeting dedicated to monetary policy issues is scheduled for January 5, 2010.