Romania Has Enough Funds To Repay Forex Loans - Official

05.02.2011 ZF English

Romania has enough funds to repay some EUR2.5 billion foreign currency payments due in July and it doesn’t rely on the Wednesday auction to cover the amount, Finance Ministry state secretary told MEDIAFAX Monday.

"The buffer funds built at the Treasury more than cover the sum due for repayment in July. The ministry is not under pressure at Wednesday's auction," Dragoi said when asked why the ministry set a lower indicative amount for the planned sale.

The ministry said it wants to sell EUR600 million in three-year bonds Wednesday.

Late March, the central bank cut the minimum requirement ratio for foreign currency liabilities to 20% from 25% allowing the banks to release around EUR1.3 billion in the market.

In July, the ministry has to repay two previous foreign currency paper sales, amounting to around EUR2.5 billion.