NBR collects $200m from international reserve

The National Bank of Romania (NBR) will collect nearly $200 million from managing the international foreign currency and gold reserve this year, close to the levels posted in 2001. The central bank’s accounts had already seen $178 million in inflows in form of “international reserve management revenues.” Since most of the currency reserves are placed as deposits with a series of foreign banks, in form of cash with the FED or in securities and because interests and yields on the international market have taken a downward trend this year, the central bank’s revenues can be deemed as satisfactory. NBR’s foreign currency reserves at the end of November amounted to $5.98bn (6.023bn euros), down $55.7 million from the previous month. The currency reserve cut was due to the $210.4 million payments on principal and interests for the foreign public debt, both direct and pledged by the Finance Ministry, as well as to the net foreign currency sales in sum of $61.4 million. ZF