Tuesday, November 4, 2008

Romania cbank fx reserves rise to 27.3 bln euros

BUCHAREST, Nov 3 (Reuters) - The Romanian central bank's hard currency reserves, excluding 103.7 tonnes of gold, rose 1.3 billion euros ($1.67 billion) on the month to 27.3 billion euros in October, central bank data showed on Monday.

Inflows were 4.4 billion euros, coming mainly from changes in the minimum reserve requirement on hard currency liabilities for commercial banks, transactions on the interbank market and funds deposited in the European Commission account.

Outflows totalled 3.1 billion euros, largely reflecting interbank transactions, payments to service Romania's public external debt and changes in the minimum reserve requirement.

Last month the bank admitted to selling 40 million euros in direct intervention, but dealers said they suspected the bank had defended the leu from falling beyond 4 per euro by selling larger amounts in covert interventions.

"Since the foreign reserves consist of assets denominated in euros, dollars and other currencies, the important changes of the exchange rates of these currencies in the international markets have influenced both the inflows and outflows," the bank said in a statement.

Payments maturing in November to service external public debt totalled 57 million euros.

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