The National Bank of Romania (BNR) has placed, for the fourth consecutive week, its ceiling on repo operations at RON 4 bln (EUR 876 M), after lowering the threshold from RON 6 bln to RON 5 bln in the past three weeks, Mediafax informs.BNR uses repo tenders to offer liquidity to commercial banks in exchange for state bonds, at a monetary policy interest of 5.25 per cent per year. The sums are loaned for one week.After BNR’s announcement the exchange rate dropped below RON 4.55/EUR on low transfer volumes. The negative effect of this move however consists of a hike in the yields of state bonds issued by the Finance Ministry. Likewise, yesterday BNR loaned RON 4 bln (approximately EUR 876 M) to 10 banks. The banks’ demand totaled RON 15.9 bln.