NBR's reserve reaches new all time high

NBR added another 246m euros to its foreign currency reserve in August, consolidating growth that began in June and offsetting the decline from the spring months.
Under the circumstances, NBR’s foreign currency reserve went up to a new all time high, nearly 18.53 billion euros, compared with the previous high of 18.29 billion euros, recorded in April.
Last month’s growth, double that of July, occurred at a time when the reserve got an inflow of almost 491 million euros, representing revenue derived from the management of international reserves, changes of the minimal reserves made by the commercial banks and transfers of foreign currency to the state’s reserve. The central bank officials say the NBR has not been present on the forex market to control the trend of the exchange rate since last autumn. In the absence of foreign currency purchases from the market, the foreign currency reserve growth pace has considerably slowed down, with successive declines registered in the spring months, when payments for the foreign debt were larger.
A little less than 245 million euros left the reserve in August, accounting for payments on principal and interests on the foreign public debt, commissions and modifications of the minimal reserves made by the commercial banks.
Some 271 million euros must be paid by the end of the year in the account of the direct foreign public debt secured by the Finance Ministry.
Compared with last August, NBR managed to increase its reserves by a little more than 2 billion euros. The most important part of this increase was accumulated early in the year, with the first eight months generating a 1.7 billion-euro increase in the reserve.
With international reserves in excess of 20 billion euros (including the foreign currency reserves and the gold reserves of about 1.6 billion euros), NBR is relaxed about the full deregulation of the capital account, as it is capable to withstand aggressive capital moves.