The international reserves of the National Bank of Romania (BNR) reached 29.161 billion euros at end-May, with the forex reserve going up 6.288 billion euros, which is the first instalment of the agreement signed with the International Monetary Fund, the BNR announced on Monday.
The central bank reserves totaled 27.113 billion euros on this April 30.
“Remittances totaled 6,288 million euros representing the first instalment of the IMF standby agreement (4.37 billion SDR), the modification of the minimum forex reserves set up by the lending institutions, the money due to the European Commission’ account, the revenues obtained from the management of the international reserves, operations in the inter-banking market and others,” the central bank said in a press release.
“Remittances totaled 6,288 million euros representing the first instalment of the IMF standby agreement (4.37 billion SDR), the modification of the minimum forex reserves set up by the lending institutions, the money due to the European Commission’ account, the revenues obtained from the management of the international reserves, operations in the inter-banking market and others,” the central bank said in a press release.
The gold reserve kept unchanged at 103.7 tonnes. It was worth 2,309 billion euros amid the developments seen by the international prices.
The payments due in this June to the foreign public debt – either direct debt or guaranteed by the Public Finance Ministry – total 146 million euros.
The payments due in this June to the foreign public debt – either direct debt or guaranteed by the Public Finance Ministry – total 146 million euros.
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marți, 02 iunie 2009 la 1:55 pm
In 1944 the IMF was created in the Bretton Woods agreement.
In layman terms all currancies to be back by the US dollar.
In 1971 President Nixon has removed the gold standard which meant that the USdollar is backed by debt.
Since the FED is printing the US dollar with record speed this will influence the lei as well.
If the Romanian Central bank is not keeping up with printing otherwise exports will slow down since the lei would gain strength. It will lead to great inflation
The IMF is designed to rob the developing countries.
There is a good documentray called Life and debt about Jamaica , how the IMF caused bankruptcy and civil unrest.
The IMF has conditions such as the money they lend has to be spent on projects carried out by foreign corporations. Therefoere the local economy does not benefit from the money but need to repay it from other resources.
It is the most corrupt organisation on Planet Earth.
The question is on what conditions Romania has borrowed the money and on what is going to spend it.
I see the sad future of the country.
They should not deal with them. It’s too late now.