The National Bank (NBR) increased its investments in bondsissued by foreign governments and organisations by a little over 20billion RON (equivalent to around 5 billion euros) in April, whileat the same time diminishing its deposits set up with foreignbanks.
"The changes are of an operating nature and do not represent achange in our strategy of managing international reserves. We havethree goals: safety, liquidity, and achieving a performance thatsuits market conditions," commented Mugur Stet, spokesman for theNBR.
The stock of bonds reached 87.6 billion RON (21 billion euros),with bonds consolidating their dominant position as an alternativefor placement of international reserves. However, the volume ofoutstanding bonds fell by 17 billion RON, to 41.4 billion RON (10billion euros).
This places the NBR in the paradoxical position of financing the USgovernment and governments of EU countries with 21 billion euros,whilst on the local market the Treasury is seeking funding for itsbudget deficit, and is forced to pay high interest rates tocommercial banks.
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