On January 31st, 2013, the National Bank of Romania’s foreign exchange reserves stood at EUR 31,459 million, compared to EUR 31,206 million on December 31st, 2012, a press release informs. During the month, the following flows have taken place: EUR 1,985 million inflows, representing changes in the foreign exchange reserve requirements of the credit institutions, inflows into the Ministry of Public Finance’s accounts, inflows into the European Commission’s account, income from the management of foreign exchange reserves; EUR 1,732 million outflows, representing changes in the foreign exchange reserve requirements of the credit institutions, interest and principal payments on foreign currency public debt. The gold stock has held steady at 103.7 tonnes. However, following the change in the international price of gold, its value amounted to EUR 4,118 million. The international reserves of Romania (foreign currencies and gold) on January 31st, 2013 stood at EUR 35,577 million, compared to EUR 35,413 million on December 31st, 2012. During the month of February 2013 the payments due on public and publicly guaranteed foreign currency denominated debt amount to EUR 862.65 million. In other context, the members of the Financial – Banking Analyst Association in Romania (AAFBR) believes that BNR could keep monetary policy rate at 5.25 pc at the next meeting of the Board on issues of monetary policy in February 5, 2013 and throughout the all year. Also, the association predicts that by the end of 2014 the central bank might relax the monetary policy by cutting interest rates to 4.75 pc in December.