Flow of RON contained to fend off eager customers

As of the afternoon of July 1, when all the cash dispenser networks are to be brought back online, the screens of all ATMs will only display amounts in new ROL (RON). Only that few will be those ATMs to actually dispense new bills. Under the circumstances, the cardholders should not be surprised if they see 50 RON on screen, for instance, while the machine produces a 500,000 ROL bill.

Out of all banks only Banca Comerciala Romana (BCR) and BRD have adjusted a significant number of their ATMs, 250 and 100 respectively, to work with the RON. The better part of the other banks, starting from the market”s number three, Raiffeisen Bank, are not taking the chance of seeing their ATMs run out of cash in case of an increased demand from clients, who are naturally eager to get their hands on the new bills.

Neither HVB will have cash machines dispense RON as of July 1. “We don”t want to run out of cash considering that only 25% of the money supply will be replaced in the first phase of the redenomination,” stated Dan Pascariu, HVB Bank Romania chairman.

He explained that the customers who have instalments to pay that fall due on June 30 or July 1, when banks are not open to the public, should not worry, because such situations are provided for in loan contracts. Other bankers even believe that in case one-day payment delays occur, the penalties would not be a problem to anyone.

Manuela Plapcianu, the head of the retail division of HVB Bank says the bank”s branches will be open for business in the two days, too, even though they will not be able to process operations. “Our branches will be ready to provide financial advice to both individuals and companies interested in our bank”s products and services. The customers will be able to file loan, card or account opening applications and also payment instructions. All of which will be processed as of July 4,” she said.