Romania’s Central Bank foreign exchange reserves drop by EUR 1.2 bln in August

Romania’s Central Bank’s (BNR) foreign exchange reserves dropped from EUR 33.3 billion to EUR 32.1 billion between the end of July and August 31. During August, BNR registered EUR 888 million inflows. This was due in part to changes in the foreign exchange reserve requirements of the credit institutions, inflows into the European Commission’s account and inflows into the Ministry of Public Finances’ accounts. The EUR 2.06 billion outflows the bank registered in August included interest and principal payments on foreign currency public debt. Romania’s gold stock was unchanged from the end of 2012, sitting at 103.7 tonnes, but its value dropped to EUR 3.5 billion because of changes in the international price of gold. The total value of foreign exchange reserves and gold stock was EUR 35.68 billion at the end of August this year, down from EUR 36.69 on July 31. From the beginning of 2013, the payments on public foreign currency denominated debt to the International Monetary Fund, comprising both interest and principal payments, amounted to EUR 2.6 billion equivalent for Romania’s Central Bank and to EUR 605 million equivalent for the Ministry of Public Finances, according to BNR. Irina Popescu, irina.popescu@romania-insider.com