The foreign exchange reserves held by Romania's National Bank (BNR) stood at EUR 33.7 bln at the end of October, EUR 1.2 bln more than one month earlier.

The significant increase of the foreign exchange reserves came mainly from the successful bond issue (EUR 1.64 bln) that the Finance Ministry completed last week, which is proof that the Romanian state can finance itself, said BNR spokesman Dan Suciu, quoted by Agerpres.

He also underlined that the central bank has successfully maintained the volume of foreign exchange reserves steady this year despite the volatile developments.

This hasn't been easy, he admitted, but the success is proof that the same can be achieved during possibly adverse developments in the future.

Suciu also touched upon the remarks of finance minister Florin Citu, who recently criticized BNR for not meeting the target of state debt purchases on the secondary market and not cutting the monetary policy rate deep enough.

BNR's spokesman said that the central bank has no specific target for the secondary market purchases and mainly aims to ensure market liquidity. As for the liquidity, the Treasury's successful operations speak for themselves, Suciu pointed out.

(Photo: Gov.ro)

iulian@romania-insider.com