Tuesday, May 4, 2010

Romanian International Reserves Rise for Third Month in April

By Irina Savu

May 3 (Bloomberg) -- Romania’s foreign-currency and gold reserves rose for a third month in April on increased inflows from minimum-reserve requirements, the central bank said.

Total reserves rose to 35.3 billion euros ($47 billion) at the end of April from 34.8 billion euros in March, the Bucharest-based Banca Nationala a Romanieisaid in an e-mail today.

Foreign-exchange reserves excluding gold rose to 32.4 billion euros from 32 billion euros, according to the central bank. Gold reserves were unchanged at 103.7 tons, worth 2.94 billion euros, compared with 2.75 billion euros a month ago, the central bank said.

The east European country’s reserves are being bolstered by a 20 billion-euro loan the government obtained last year from the International Monetary Fund, the European Union and other lenders.

The IMF’s board of directors and the European Commission agreed to resume payments to Romania in February after the country’s six-week-old government froze wages and raised taxes to narrow the 2010 budget gap. The IMF froze payments last November.

To contact the reporter on this story: Irina Savu in Bucharest atisavu@bloomberg.net.

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