The board of Romania's central bank BNR decided today to cut to zero the minimum mandatory reserves of banks for passives in foreign currency maturing in more than two years, the first significant decision after the country inked a deal with the International Monetary Fund.
BNR governor Mugur Isarescu declared on March 26 it would be wise for the central bank to exclude long-term passives when calculating minimum mandatory reserves. Thus, by modifying the calculus base, the level of the reserves would also be reduced.
“This way we help the long-term financing as well, which will support lending, and we reduce the banks' discomfort of having short-term passives,” explained Isarescu.
The passives of banks stem from deposits of clients and from other types of financing which can be used to grant loans.
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