The Treasury managed to borrow 1.2 billion RON yesterday byselling six-month T-bills at a 6.99% interest, more than it hadplanned, after a long period during which bankers hesitated tofinance the state at such low costs.
The success comes at a time when reports in the internationalpress say Hungary is now able to get funding under even betterterms after suspending its arrangement with the InternationalMonetary Fund and with the European Union.
On the other hand, Romania saw another around 900 million-eurotranche approved for release at the end of July, as part of the 20billion-euro arrangement concluded with the internationalinstitutions. At the time when the loan was contracted in 2009, theRomanian authorities said international supervision would givecredibility to Romania, enabling it to borrow from capital marketsat lower costs. Hungary's experience, however, raises doubts overthe validity of these arguments.
"It is good for Romania to pursue its arrangement with the IMF. Wecould also borrow (from private markets, in the absence of thearrangement i.e.), but at higher costs," says Lucian Croitoru,advisor of NBR governor Mugur Isărescu.
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