“There is no problem with the required reserve ratio but with the benchmark lending rate given the reasonable liquidity level in the market”.

In the latter rate-setting session, on March 31, NBR kept the lending rate in the range of 10% and reduced the 2-year maturity reserve requirements for Fx liabilities from 40% to 0%.

He added that once the financing arrangement with International Monetary Fund was passed, the central bank would probably cut the lending rate, but at a gradual pace.

Furthermore, IMF program should trigger a stabilization of the currency exchange rates, which would provide NBR with increased action power in the money-market policy.

“Normally, the leu should stabilize. Not the level but the stabilization of the leu is the important thing,” BRD’s CEO said.

In the event of a “roughly frozen” real estate market, he continued, the problem lays in the lack of a balanced price between the purchase and sale.

BRD representative said the bank is currently handling talks with international financial institutions, such as EBRD and EIB to get small-business oriented financing, adding that BRD has a vested interest in infrastructure projects.