The reduction of minimum reserves to liabilities in lei that commercial banks must hold at BNR will be effective as of the enforcement period November 24 – December 23 2008.

Minimum reserves to liabilities in foreign currencies held by commercial banks will remain at the current level of 40%.

Analysts expected the national regulator to maintain the benchmark lending rate at 10.25% per year, but they did not exclude any possible raise, as a signal to mounting inflationary pressures, caused by the decisions to lift salaries and pensions.

This is the second successive session when National Bank of Romania did not modify the lending rate, after the session held in September 25.

As for minimum reserves for liabilities in lei, analysts said S&P’s decision to cut the country rating reduced the odds that central bank would keep the rate.

In today session, BNR board analyzed and approved the new quarterly Report on inflation, which will be presented at a media briefing on November 3.