Arab Today, arab today romanian central bank announces key rate cut
Last Updated : GMT 03:59:48
Arab Today, arab today
Arab Today, arab today

Romanian central bank announces key rate cut

Arab Today, arab today

Arab Today, arab today Romanian central bank announces key rate cut

Bucharest - XINHUA

The National Bank of Romania (BNR) on Wednesday announced to lower the monetary policy rate to 3.75 percent per annum from 4.0 percent, starting from Jan. 9. This is the first cut in this year, after the four cuts in 2013, with the last one on Nov. 6. According to a release of the central bank, the bank also decided to cut the minimum mandatory reserve rate applicable to the national leu currency liabilities of the crediting institutions to 12 percent from 15 percent, and to slash the minimum mandatory reserve rate applicable to the forex liabilities to 18 percent from 20 percent, to be enforced from Jan. 24-Feb. 23, 2014. "The BNR Board reiterates that the sensible use of all the instruments the central bank has available, while carefully monitoring the domestic developments and the developments of the global economic climate is likely to secure the stability of the prices on the medium-term and financial stability," the BNR release explains. According to central bank governor Mugur Isarescu, the banks will be left with roughly 500 million euros (679 million U.S. dollars) and 4 billion lei (1.2 billion dollars), by slashing the minimum mandatory reserve rate. BNR's decisions were welcomed by local banking sector and considered by local economists to help relaunching the crediting, but they also said that the move does not completely solve the issue, which is far more complex. "The issue of credit restart is not exactly in the costs, but in the demand. We have competitive interest rates, however the crediting does not grow," Ionut Dumitru, chief economist of Raiffeisen Bank and Chairman of the Fiscal Council, was quoted by national Agerpres news agency. According to him, the households are heavily indebted at present, while many of the companies are in the red, therefore they do not qualify for credit. The central bank lowered the benchmark rate 17 times from 10.25 percent in January 2009 to 4.00 percent in November 2013.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today romanian central bank announces key rate cut Arab Today, arab today romanian central bank announces key rate cut

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today romanian central bank announces key rate cut Arab Today, arab today romanian central bank announces key rate cut

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today Sally Shaheen considers hosting a political show
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday