Another 884 million euros are going into the foreign currencyreserve managed by the NBR (National Bank of Romania) after the IMFboard approved on Friday the release of the sixth instalment of thenearly 13 billion-euro loan taken out by Romania in the spring of2009.
So far Romania has taken out around 11.3 billion euros from theFund, with the money being used to finance the deficit budgetindirectly, as well as directly.
The supplementing of the NBR's reserve, which already exceeds 31billion euros, will allow for new cuts to the banks' minimumreserve requirements in order for them to keep financing the budgetdeficit by the purchase of T-bills.
Largely a formality now, the approval of the quarterly report thatreviews the compliance with commitments made by the Government inthe stand-by arrangement has occurred without problems, althoughthe IMF requirement for the state to pay its debts to companiesagain failed to be met.
Similarly to all previous reviews, the NBR governor and the financeminister requested a postponement in the supplementary letter ofintent, and the IMF approved it.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
