Commercial banks through their analysts are constantly askingfor higher yields of the T-bills already bought several months ago,while the Treasury is trying to cap yields at 7% a year so that theimage of Romania remains that of a high-risk country, despite theagreement with the IMF and the painful efforts made to balance thebudget.
In the debate about the "right" level of yield on T-bills, theanalysts of the private banks - which actually lend money to thestate and therefore are directly interested in getting as high aninterest as possible, are much more vocal, and often cited byforeign news agencies such as Bloomberg and Reuters. Lately theseagencies have been reporting on the yields on the Romanian T-billsincreasingly more often, with the international investorsinterested in the topic, considering they own a significant part ofthe certificates and bonds issued by the Finance Ministry.
How do independent analysts see this debate?
"On short term there is no justification for such a high interest.What the Finance Ministry did (by capping the yield paid at 7%i.e.) is right," says Daniel Dăianu, professor of economics andformer member of the European Parliament.
Yields on T-bills had plunged in the spring from over 10% at theend of last year towards 6% especially because of the high interestof foreign investors in the Romanian debt. The trend reversed inApril, with banks asking for higher and higher yields, once therisk perception worsened, given the talk about the prospects of anew worldwide recession.
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