Loading ...The head of state said that, as a safeguard measure, the Government and the National Bank of Romania (BNR) signed an agreement with the IMF and the European Commission setting at Romania’s disposal about 20 billion euros.
According to Basescu, the 13 billion euros to flow in from the IMF are intended strictly for BNR’s reserve and not for the Government’s use.
“This caused cash to stream to banks, because there were 20 billion euros in the central bank’s reserves commercial banks had been instructed to transfer according to the internal regulations, as a prudential measure to back up disbursed credits,” said Basescu.
The head of state said that after receipt of the first EUR 5 bln installment from the IMF that was directed to the BNR reserve, the latter started releasing the commercial banks’ money from the reserve.
“BNR already released an installment of one billion euros to commercial banks, and procedures to release a new EUR 1.2 billion installment will start on July 27.
One can say that in Romania, commercial banks are well padded with cash, the problem is that they should free it to the business environment.
For the time being, they are rather reticent in doing so and the government initiated two extremely important programs the interest rates of which were negotiated with its involvement,’ said Basescu, reminding the “First Home” and “First silo” government-supported financial schemes initiated by the Emil Boc Cabinet.
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