PM Boc: Interest rates will fall in the next 30 days

6 iunie 2009

Prime Minister Emil Boc is expecting banks to cut their interest rates in the next 30 days.
‘I believe that in the next 30 days interest rates on both RON and euro loans, will fall. They will fall because the policies we have set in motion to correlate the tax policies with the monetary policies of the National Bank of Romania will generate effects. And some effects have emerged, because we have taken out this loan from the International Monetary Fund,’ Boc told B1 TV commercial TV station on Thursday.
He pointed out that 12 billion euros from the IMF loan will go into the vaults of the BNR, 5 billion of which has already been paid.
‘This money consolidate the forex reserves of the country and provides banks with more market financing resources. Since there is cash on the market, it can obviously be invested. On the other hand, the Finance Ministry will no longer be the one to buy money from the market, because the Government has secured a loan from the European Commission to help it finance its deficit. The liquidity on the market will lead to a cut in interest rates,’ Boc explained. Boc also voiced conviction that lending will get unstuck within 30 days.

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