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.

Related Articles

Romania to spend EUR 37mn in 2013 to close down loss-making coal mines.

Romania's government has earmarked RON 163mn (EUR 37mn) worth of subsidies for 2013 under a programme aimed at closing down the loss-making mines of local company CNH located in the southwestern ... more

Romanias Hidroelectrica sells nearly 0.3TWh of electricity on free market.

Romanian state-controlled hydropower company Hidroelectrica sold on Thursday, March 21, in several separate contracts a total of 0.3TWh of baseload electricity deliverable between April 1 and the ... more

Romania to start privatisation of cargo railway company on April 6-8.

The Romanian government will publish the privatisation call for freight railway company CFR Marfa immediately after the consultants complete their work, probably on April 6-8, Romanian transport ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335