NBR’s decision to pare to bone the reserve requirements for foreign currency liabilities with two-year maturity will unlock a minimum of 1 billion euro in the market, said the councilor of central bank’s governor, Lucian Croitoru (photo).
“The amount is within the range of hundreds of million euros, below 1 bn if two-year maturity liabilities are at a maximum of 2 bn euros”, said Croitoru.

NBR governor, Mugur Isarescu said recently that it would gradually reduce the required reserve ratio, suggesting that it would start by modifying the calculation method, by excluding long-term financing.

The board of NBR decided on Tuesday to cut to zero the required reserve ratio for foreign currency liabilities with two-year maturity, and to keep the reserve requirements for leu-currency liabilities to 18%.

In the Tuesday’s session, BNR kept the benchmark lending rate to 10% and reiterated it would actively use market operations “in an effort to maintain a cash-aware liquidity management in the banking system”.

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