NBR will reduce the level of reserve requirements (RMOs) on the lease when the liquidity deficit will become constant and there will be no excess of liquidity, said Mugur Isarescu, the governor of the central bank.
"There is a surplus and lack of liquidity, there are fluctuations of upward and downward liquidity, which are absolutely normal." If these ups and downs were not normal, I would do something special, but they are absolutely normal If the liquidity deficit becomes permanent and there will be no surplus liquidity , then we will reduce by one or two percent RMO reserves, which is now 8%, which is bank money. We are somewhat upside down to 8% above the European average of 2%, "Isarescu told a yesterday's press briefing after the last session on monetary policy These g dine.
The NBR Committee yesterday retained the key interest rate of 2.5%, as well as the mandatory reserve for RON and foreign currency at the level of 8%.
RMO for banks' liabilities in the lei is at the level of 8%, and the last discount was launched in the spring of 2015. A new reduction in RMO would free the market about 3-4 billion lei, increasing liquidity in the interbank market, influencing the adjustment of the ROBOR index.
For now, the central bank relied on repo operations. In August this year NBR continued with liquidity injections, conducted nine repo operations so far, through which the central bank temporarily purchases state securities in the portfolio of credit institutions, providing liquidity in exchange.
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Article published in the printed edition Ziarul Financiar of 07.11.2018