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April 22, 2021

Massive BNR intervention to support the RON

The National Bank of Romania (BNR) has posted RON 4.3791/EUR reference exchange rate, close to the one on Monday, the national currency being supported by the central bank’s indirect interventions, with massive sales of euro, traders say, according to Mediafax. The RON appreciated against the US dollars and the reference decreased by 0.64 to RON 3.3261/USD. The Swiss Franc exchange rate was RON 3.6458/CHF. Traders say BNR sold euro massively – about 70 – 100 M – to support the RON with most buying orders placed by London traders. The interest rates used by commercial banks yesterday for overnight placements went up from 1.41 – 1.91 per cent to 3.54 – 4.04 per cent per annum, because a new period when banks are supposed to constitute minimum reserves as required by BNR began on Tuesday. ‘A temporary and limited rise in short-term interest rates continues to appear likely, given the quarterly payments to Treasury and foreign currency interventions which are probable around this national currency exchange rate’, reads an ING Bank report.

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