The foreign currency (Forex) reserves held by Romania's National Bank (BNR) dropped by EUR 460 million in March, to EUR 32.03 billion at the end of the month.

Although the inflows, mainly from the from European Union, amounted to nearly EUR 1 billion in the month, the outflows were even higher: EUR 1.46 billion. Out of this, only EUR 436 million was attributable to the service of the external debt, with some EUR 1 billion possibly having been used by the central bank for smoothing the local currency’s weakening.

The gold stock remained unchanged at 103.7 tonnes, valued at EUR 3.84 billion at the end of March. Overall, Romania’s international reserves (foreign currencies and gold) stood at EUR 35.87 billion.

In related news, Romania’s Senate was expected to vote on April 1 a bill aimed at keeping in the country at least 95% of country’s gold reserves. Currently, 60% of the gold reserves are deposited abroad, at the Bank of England. The Social Democratic Party (PSD) has recently advocated for the bill, which prompted controversies and concerns related to the aim of such a move.

editor@romania-insider.com

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