1.2 C
Bucharest
January 22, 2021
BUSINESS

BT reports cash surplus worthEUR 120 M, after forex minimal reserves cut

Following the measure taken by the National Bank of Romania (BNR) to eliminate the Mandatory Minimal Reserves (RMO), Banca Transilvania will have a cash surplus worth EUR 120 M, the bank’s CEO Robert Rekkers told The Money Channel in London, on the occasion of the annual meeting of the European Bank for Reconstruction and Development (EBRD).At end-March, BNR decided to scrap, starting May 24, the foreign exchange passive with a two-year residual term. For the other terms, the level of mandatory minimal reserves remained unchanged at 40 pc on foreign exchange and 18 pc on reserves in RON. The sums made available by the RMO cut are expected to reach the market by end-June and analysts estimate they could amount to a total EUR 800 M throughout the Romanian banking system.Banca Transilvania reported for last year a net profit of RON 396.8 M, while for this year it expects a decrease in both incomes and profit. EBRD holds a 14.54 stake in Banca Transilvania, with the remaining capital being controlled by other stockholders, including the Chairman of the Board, Horia Ciocila, with some 5 pc of the bank’s shares.

Related posts

Raiffeisen: Positive quarterly growth to start as of Q1 2010

Test

Franklin Templeton funds purchase EUR 4.6 million in Petrom shares

Nine O' Clock

Hungary to buy MKB for EUR 55 M

Nine O' Clock