National Bank of Romania should reduce the benchmark interest in the following rate-setting session scheduled for May 6, as long as the lending activity stays low, in spite of the high market liquidity, said Patrick Gelin, CEO of BRD SocGen.
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.
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