How large are NBR's reserves compared with the size of the economy?

The NBR currently holds international reserves (foreign currency and gold) worth 32.4bn euros, 3.2bn euros more than at the onset of the financial crisis domestically, in October 2008, with the level being viewed as more than comfortable, but the weight in GDP shows Romania stands at levels comparable with those of Poland and Hungary. Amid Romania’s GDP decline in 2009, to 115bn euros, the GDP/reserve ratio climbed rapidly, from 20% in late 2008, to 28% at present. By comparison, Poland has a much lower level in this regard, of 18%, while in Hungary the ratio stands at 34%. “I don’t believe we need major reserve increases from now on. In the following years the NBR will, anyway, see its reserves go up, because all the money coming from European funds eventually reach reserves. Private capital inflows, expected to rebound, will also, at least partially, reach the central bank’s reserve,” says Ionut Dumitru, chief-economist of Raiffeisen Bank.