Finance Ministry Uses Foreign Currency Buffer, Pushes ROBOR Below 2%

07.18.2012 By Razvan Voican

Sales of foreign currency from the reserve of the state’s Treasury to central bank BNR, a significantly lower offering of short-term government securities, the halving of overall amounts borrowed from the market and ultimately the 6 billion lei (EUR1.31 billion) pumped into the market in June and July when repayments of government securities exceeded new issues – these are the main instruments used by the Finance Ministry to counter pressures to increase interest rates as political tensions worsened.

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Keywords:
FOREX
, ROBOR
, TREASURY
, SECURITIES