The National Bank of Romania’s international reserves rose to 26.85 billion euros in May, up 7.9%, after six successive months of decline, largely due to the first installment of the stand-by arrangement with IMF received in early May.
Over the previous six months, NBR’s forex reserves had decline, after October 2008 peak when they equated 27.318 billion euros. In November, the reserves shrank to 27.228 billion euros, in December to 26.220 billion euros, in January to 26,009 billion euros, in February to 25,917 billion
euros and in March to 25.121 billion euros.
The inflow of 6.288 billion euros represented the first installment of the stand-by agreement with International Monetary Fund (4.37 billion SDR), the change in forex reserve requirements of credit institutions, inflows in the European Commission’s account held at NBR, income from the management of foreign reserves, transactions in the interbank market and other.
The outflows worth 4.322 billion euros represented the change in foreign-exchange reserve requirements of credit institutions following the NBR’s decision to cut to zero the MRR rate for liabilities with a residual maturity longer than 2 years, the impact of the US dollar devaluation, amplified by the high share of US dollar with the installment received from the IMF (over 60%), the maturing forex swap transactions used previously in order to partially cover the liquidity deficit on the interbank market, payments from the account of European Commission, principal repayments and interest payments on public and publicly guaranteed external debt and other transactions.
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