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September 30, 2022

Three-month ROBOR drops to 1.79pct on Wednesday

The three-month ROBOR Romanian Interbank Offer Rate, the average interest rate at which Romanian banks borrow among them, on Wednesday was standing at 1.79 percent, down from 1.8 percent on Tuesday, and up from 0.87 percent earlier in the year, according to data with the National Bank of Romania (BNR).

The 6-month ROBOR declined to 1.87 percent per annum on Monday from 1.89 percent on Tuesday.

Better tax collection has led to a drop in liquidity in the banking system, said Governor of the National Bank of Romania Mugur Isarescu on Tuesday, answering a question about the latest developments in ROBOR.

He also said that there were pressures on the exchange rate, noticing that they came from non-resident movements.

On Tuesday, the National Bank conducted a repo operation injecting 9.355 billion lei into market liquidity for seven days. The previous operation of this type carried out by the BNR took place on August 31, 2015. Back then, the central bank injected into the market 1.927 billion lei for seven days.

Isarescu also said the decision to inject liquidity into the market was taken Monday and the effects will be seen from Wednesday onward.

In fact, Finance Minister Ionut Misa said on Tuesday after a meeting at BNR that the ROBOR increase is related to liquidity, and National Bank specialists will find the solution to be taken to arrest this growth.

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