Romanian central banks forex reserves drop 6% y/y at end-2012.

By bne IntelliNews January 4, 2013
The Romanian central bank said its foreign currency reserves depleted by 6% (nearly EUR 2bn) in 2012 to end the year at EUR 31.2bn. Out of the reserves, however, some EUR 9.5bn is the IMF loan contracted by the central bank* that has to be returned in the next years. The central bank intervened on the forex market in the autumn to support the local currency hit by investors' risk aversion. The strategy, however, recently shifted from direct interventions to money market interventions by weekly repo rate. In December, the forex reserves actually picked up marginally by EUR 39mn as the strategy changed - but mainly in response to the change in investors' sentiment. * at end-October, latest foreign debt data available

Romanian central banks forex reserves drop 6% y/y at end-2012.

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