Tuesday, December 2, 2008

Romania cbank fx reserves drop to 27.2 bln euros

BUCHAREST, Dec 2 (Reuters) - The Romanian central bank's hard currency reserves, excluding 103.7 tonnes of gold, fell 90 million euros on the month to 27.2 billion euros at the end of November, central bank data showed on Tuesday.

Inflows were 1.6 billion euros, coming mainly from changes in the minimum reserve requirement on hard currency liabilities for commercial banks, transactions on the interbank market and income from foreign reserves management.

Outflows totalled 1.7 billion euros, largely reflecting interbank transactions, payments to service Romania's public external debt and changes in the minimum reserve requirement and payments from the European Commission account.

In October, 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.

The central bank has declined to comment on potential indirect intervention in the currency market.

Payments maturing in December to service external public debt totalled 85 million euros.

No comments: