The volume of lombard credits granted to commercial lenders by BNR plunged in the recent months, from 38.6 billion lei in February to 16 billion in March and only 139 million lei in April. Credit institutions gave up on using this type of loan in May.

The BNR credit facility was first intensely used by banks starting with the last three months of 2008, when lenders took some 87.24 billion lei through this type of loan, almost 50 times more than in the first nine months of the year. In October 2008, banks took lombard credits worth 48.99 billion lei.

The lombard credit could be accessed in May at an annual interest rate of 13.5 percent, 4 percentage points above the monetary policy rate, as banks guarantee with state securities for these overnight loans.

At the same time, BNR continued to pump liquidities in the market through repo operations at a daily average of 748.4 million lei in June, after the average had decrease month-on-month to 643.8 million lei in May.

On the other hand, the volume of deposits placed for one day at the central lender went down to 4.17 billion lei in June, from 10.38 billion lei in May and 4.6 billion lei in April.

BNR lowered the interest rate for its deposit facility in May to 5.5 percent per year, from 6 percent in April. In the meantime, the monetary policy rate was slashed to 9 percent so that the credit and deposit rates were cut to 13 percent and 5 percent per year respectively.

The central lender stopped in June its reverse repo operations to sterilize the money surplus on the market after in May the daily transaction average was of 7.7 million lei.