Romania’s forex reserves declined by almost EUR 500 mln in March

Sorin Melenciuc 01/04/2019 | 13:36

The foreign exchange reserves of the National Bank of Romania (BNR) declined in March by EUR 461 million to EUR 32.03 billion, the second drop in this year.

Romania’s forex reserves declined by EUR 1.14 billion in January but partially reversed losses in February with a EUR 569 million increase.

In January, the Romanian currency fell to all-time lows against the EUR and the main ruling party, PSD, and the Ministry of Finance suggested that the central bank should spend money from the forex reserves to defend the RON.

In March, the RON stood close to its all-time levels against the European single currency but did not reach new lows.

According to the BNR, there were inflows of EUR 997 million in March representing changes in credit institutions’ foreign currency-denominated required reserves, inflows into the Ministry of Finance’s accounts, inflows into the European Commission’s account, and other.

In the same time, outflows amounted EUR 1.458 billion last month, representing changes in credit institutions’ foreign currency-denominated required reserves, interest payments and principal repayments on foreign currency public debt and other external obligations in foreign currency (EUR 436 million), and other.

The foreign exchange reserves declined by EUR 4 billion between February and August 2018 but rose for 4 months in a row in September-December 2018.

The gold stock remained unchanged at 103.7 tonnes, but its value slightly declined to EUR 3.84 billon in March, according to BNR.

In April, the payments due on the forex public and publicly guaranteed debt amount to EUR 1.2 billion.

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