Romanian central banks forex reserves down 2.4% m/m, or EUR 817mn, in May.

By bne IntelliNews June 5, 2012
The foreign exchange reserves of Romania's central bank decreased by 2.4% (EUR 817mn) on the month to EUR 33.5bn at the end of May, the monetary authority said in a statement. The reserves decreased by 3.1%, or more than EUR 1bn, in Apr-May as the central bank sold euros on the forex market to support the local currency. But the sharp decline in May was partly an effect of the EUR 760mn bond repayment and not necessarily only an effect of the central bank's local currency defending policy. Nonetheless, according to unofficial estimates, the central bank sold EUR 600mn in May alone on the market to prevent excessive depreciation of the local currency. This was double the EUR 300mn sold in April.

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