Romanian Ctrl Bk To Release EUR800M From Reserves – Gov

Early April, sources within the central bank told MEDIAFAX that lenders currently have liabilities with residual maturities of over two years worth of about EUR2 billion, thus the central bank’s decision to ease the required reserve rules may release around EUR800 million.

BNR decided end March to cut to zero from 40% at present the minimum reserve ratio on foreign-denominated liabilities with residual maturities of over two years, starting with the May 24-June 23, 2009 maintenance period.

Banks are forced to build up at the central bank minimum reserves worth 40% of their forex-denominated and 18% of their RON-denominated liabilities.

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Romania agreed end-March with the IMF, the E.U. and other international lenders a EUR19.95 billion financial package to help it cushion the effects of the financial crisis.

The first tranche of the loan from the IMF, worth EUR5 billion, already entered the central bank accounts.