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December 6, 2022

BNR loans RON 12 bln to nine banks

The National Bank of Romania (BNR) loaned RON 12.08 bln (EUR 2.6 bln) to nine banks on Monday, through repo operations, more than the value demanded last week (RON 8.89 bln), Mediafax informs. BNR uses repo tenders to offer liquidity to commercial banks in exchange for state bonds, at a monetary policy interest rate of 5.25 per cent per year. The sums are borrowed for a week’s time. Last week 7 banks borrowed RON 8.89 bln. In August the Central Bank limited the available sums to RON 6, 5 and 4 bln, a negative effect of introducing these ceilings consisting of a hike in the yields of state bonds. Thus, in August the Finance Ministry rejected three of the five tenders on the sale of state bonds, being of the opinion that the yield demanded was too high.

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