Romania’s forex reserves up 1.8% m/m to EUR 31.2bn in June 2014

By bne IntelliNews July 2, 2014

The foreign currency reserves held by the Romanian central bank increased by EUR 555mn to EUR 31,236mn at the end of June 2014, the monetary authority announced. The reserves were still more than EUR 1bn down on the year. However, they are at a satisfactory level, according to central bank.

Furthermore since only part of the reserves are owned by the central bank – with the other part being either borrowed (from the IMF) or comprising the commercial banks’ required reserves, the monetary authority has to actively manage them in order at least to cover costs. The adverse market circumstances in 2013, and particularly the volatile exchange rates, generated losses from this activity for the central bank.

While the certain recovery in June was caused by inflows from the EU budget, the gradual decrease in the central bank’s reserves has been driven by the monetary authority and the finance ministry paying back their loans contracted from international lenders (the IMF mainly) in 2009-2011. The central bank paid EUR 230mn to the IMF in June alone, while the government paid EUR 122mn the same month.

The gold stock remained unchanged at 103.7 tonnes and its value amounted to EUR 3,206mn.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Moldova’s largest lender maib puts Bucharest exchange listing on hold

The largest bank in Moldova, Moldova Agroind Bank (main), announced it is postponing its plan to list on the Bucharest Stock Exchange (BVB) because certain provisions in Moldovan legislation make the ... more

Romania’s leading financial group Banca Transilvania reportedly takes over BRD Pensii

Banca Transilvania, the leading financial group in Romania by assets, has reportedly reached the stage of agreeing technical and legal details for the takeover of BRD Pensii division from BRD-SocGen, ... more

Romania’s leading lender Banca Transilvania takes over OTP Bank’s subsidiary

Romania’s largest financial group by assets, Banca Transilvania (BVB: TLV), announced that it had signed a contract ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    7 days ago
  2. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  3. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    7 days ago
  4. Don't mention the "D" word - Ukraine
    4 days ago
  5. UBN: The US Needs to Wake Up
    5 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    25 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    29 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    28 days ago
  5. Saudi Arabia to scale back plans for Neom city
    15 days ago

Reports

Dismiss