The NBR”s Board of Governors decided on Wednesday to increase the monetary policy interest rate by one percentage point, to 8.5%, to raise the level of minimum mandatory reserves for liabilities in foreign currency of banks from 35% to 40%, and reaffirmed its decision to substantially purge the excess liquidity on the monetary market. “The NBR”s Board of Governors decided to pass a set of measures to strengthen the monetary policy,” a NBR release reads, given the declining pace of economic growth, the maintenance of consumption at an unsustainable level and the rekindling of the growth of lending due to loans in RON. This decision had an immediate effect on the forex market, with EUR/RON quotes in London dropping to 3.55 RON for one euro. ZF
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NBR raises interest to 8.5%
The NBR''s Board of Governors decided on Wednesday to increase the monetary policy interest rate by one percentage point, to 8.5%, to raise the level of minimum mandatory reserves for liabilities in foreign currency of banks from 35% to 40%, and reaffirmed its decision to substantially purge the excess liquidity on the monetary market