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IMF To Ask Main Bks Operating In Romania To Keep Funds In The Country

The International Monetary Fund mission to Bucharest will meet Thursday in Vienna the main foreign banks operating in Romania, to ask them to keep funds in the country and for a capital "buffer."
IMF To Ask Main Bks Operating In Romania To Keep Funds In The Country
25 mart. 2009, 11:42, English

Jeffrey Franks, the head of the IMF mission, told a news conference Wednesday that the delegation will ask foreign banks to maintain their exposure on Romania and to keep a financing buffer, to ensure a certain liquidity on the local market.

Banking sources told MEDIAFAX last week that the IMF delegation will meet Thursday in Vienna the heads of the ten largest banking groups operating in Romania to obtain an accord that they will continue to support their local units.

Romania agreed with the International Monetary Fund an economic program supported by a EUR12.95 billion loan under a two-year Stand-By Arrangement.

The total value of the financial package that includes loans from the E.U., the World Bank and other financial institutions is at EUR19.95 billion.