Interbank market interest rates could surpass 10%

At present, BNR is carrying out sterilization operations on interest rates equal to those of the monetary policy interest of 9 percent, but analysts believe that BNR could increase key interest to 9.5 percent in its March 26 session.

Ionut Dumitru, Chief of Macroeconomic Research Department at Raiffeisen Bank, estimates that the market's liquidity excess is some €6-7 billion.

The foreign currency exchange fluctuation is tied to speculative operations on the market and to BNR’s sterilizing operations on Monday and Tuesday.

In an auction to sterilize excess liquidity, BNR yesterday attracted RON 3.646 billion (€0.98 bln) from the interbank market, through a deposit due on Monday, March 17, at 9 percent interest, equal to the monetary policy interest.

BNR attracted RON 1.327 billion (€0.35 bln) from the interbank market on Monday, in a deposit due in two weeks, at 9 percent interest.

The fact that BNR attracts money for shorter periods of time allows banks to better control their liquidity.