“The signs herald further speculative attacks on leu, whereas BNR is ready to cope with them”, said Ghetea (photo).
The governor of central bank in Romania, Czech and Poland said the currency exchange rate was currently sustainable and that the central bank was ready to act in response to any moves that could shake up the market, in a co-ordinated effort to steady the local currencies. Mugur Isarescu added that he didn’t eliminate the possibility of a recovery of the leu.
“A certain lineup of currencies in the region is necessary, but the steep slump of the local currencies can fuel moves that could spark major imbalances in the economy and it must be avoided,” said Isarescu.
Ghetea said it wasn’t the case now for ARB to require a reduction of the required reserve ratio both for leu and foreign currency liabilities, as it could bring a new opportunity “that a chunk of Romanian banks’ liquidities to be passed to parent banks”.
“This was the answer we have received from BNR when we required it”, Ghetea added.
The required reserve ratio set by the legislator for foreign-currency liabilities is currently at 40% and at 18% for leu-currency liabilities.
Mugur Isarescu accused last year a group of banks for promoting the idea of a liquidity drought on the banking market through the public statements they made, in a panicked search to cover the losses driven by “the failed attack on leu”.
At the same time, the National Bank of Romania called for talks the leaders of seven banks, asking for explanations on the excessively high level of interbank interest rates in the recent days and demanded them to resume the normal path.
The legislator invited for talks also the leader and treasurer of another bank to shed light into the clearing operations carried out with non-resident financial institutions as well as on the positions left open after inter-bank deals.
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