Most NBR reserves kept in foreign bonds

The total assets of the National Bank of Romania at the end April amounted to 393,710bn ROL (9.7b euros), up 2% from March. This represents a growth of 25% (12% in real terms) if compared with April 2003. Foreign assets accounted for 97% of the total assets, reaching 380,963bn ROL (9.3bn euros). Foreign assets rose 26% compared with April 2003, and 2% compared with March 2004. The NBR has most of its reserves invested in foreign bonds worth 238,520bn ROL (5.8bn euros). It also has 43,103bn ROL (1bn euros) invested in convertible currencies, 45,961bn ROL (1.1bn euros) in gold and 135bn ROL in Special Drawing Rights with the International Monetary Fund. The value of its bond investments increased by 3% in April compared with March, while going up 27% (14.5% in real terms) year-on-year. The convertible currencies reserve at the end of April was divided between deposits with the International Bank of Settlements (388 million euro equivalent), with the US Federal Reserve (0.6 million euros) and with various other foreign banks (670 million euros). ZF