27 Martie 2009
BNR to pass the international accounting standards by year-end
National Bank of Romania will approve the international accounting standards by the end of this year, said the governor of National Bank of Romania, Mugur Isarescu earlier today.
“We are considering the adoption of international accounting standards by the end of this year. Because of the new regulations, the provisions have also been larger. The adoption is in our agenda”, Isarescu explained.
National Bank of Romania said it would not yet lower the level of reserve requirements for foreign currency liabilities held by banks, but it would likely change their content, said Mugur Isarescu.
“It is possible to change the layout of reserve requirements but not their rate yet. We will begin with foreign currency, given the recent improvement of liquidities in lei, through the repos recently operated by BNR, and to help the funding of budget deficit surplus”, Isarescu added.
Prior to this statement, the governor said it would be much wiser for BNR to exclude long-term liabilities account classes from the calculation of reserve requirement. “This way, we would stimulate long-term financing, which in turn, would support lending, and reduction of banks’ discomfort in holding short-term liabilities,” said Isarescu.
This layout reshuffle of required reserve ratio would lead to a reduction of RRR’s level.
National Bank of Romania said it would not yet lower the level of reserve requirements for foreign currency liabilities held by banks, but it would likely change their content, said Mugur Isarescu.
“It is possible to change the layout of reserve requirements but not their rate yet. We will begin with foreign currency, given the recent improvement of liquidities in lei, through the repos recently operated by BNR, and to help the funding of budget deficit surplus”, Isarescu added.
Prior to this statement, the governor said it would be much wiser for BNR to exclude long-term liabilities account classes from the calculation of reserve requirement. “This way, we would stimulate long-term financing, which in turn, would support lending, and reduction of banks’ discomfort in holding short-term liabilities,” said Isarescu.
This layout reshuffle of required reserve ratio would lead to a reduction of RRR’s level.