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Romania’s Ctrk Bk Keeps Key Rate Unch At 10.25%, Lowers Leu Min Reserve Ratio To 18% -2-

Romania's central bank decided on Thursday to keep unchanged the key monetary policy rate at 10.25% on the year and to reduce the minimum required reserves ratio on leu-denominated liabilities of credit institutions to 18% from 20%, the bank said.
Romania’s Ctrk Bk Keeps Key Rate Unch At 10.25%, Lowers Leu Min Reserve Ratio To 18% -2-
30 oct. 2008, 14:51, English

The bank also decided Thursday to leave unchanged the existing minimum reserve requirement ratio on foreign currency-denominated liabilities of credit institutions, which stands at 40%.

The reduction of the minimum required reserves ratio on leu-denominated liabilities will be applied starting with November 24-December 23 period.

It is the second consecutive session when the central bank has maintained unchanged the key monetary policy rate at 10.25%. Since October 2007, the bank has increased the key rate in seven consecutive sessions by 325 basis points from 7%.

The central bank also said it would “pursue liquidity management so as to ensure an adequate functioning of the interbank market.”

The bank said a detailed statement would be released in approximately 3 hours.