The National Bank of Romania (BNR) yesterday carried out a repo-type operation whereby it injected RON 2.18 bln on the inter-banking market at 6.25 per cent interest, a rate equal to the monetary policy interest. According to Mediafax, seven credit institutions took part in Monday’s auction for one week maturity treasury bills. The central bank operation was organized amid one-day commercial bank interests rose from 5.51 – 6.01 per cent to 6.03 – 6.6.53 per cent. According to dealers, the liquidity oversupply was “dried up” by BNR’s indirect hard currency sales lately, aimed at RON appreciation, at a time when banks need funds to build central bank-required mandatory minimum reserves.
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