At the end of March 2023, the currency reserves of the National Bank of Romania amounted to 53.22 billion euros, which is more than 1 billion euros more than at the end of February, the National Bank reported on Monday. The gold reserve is more than 6 billion euros.

National Bank of Romania – BNRPhoto: Hotnews / Florin Barbuta

Reserves are increasing because Romania’s imports are also increasing, and the main purpose for which international reserves are created is the final regulation of the country’s transactions (to ensure the fulfillment of payment obligations from the outside in the event that all other possibilities have been exhausted), – explains the professor Silviu Cerna.

Therefore, the most frequently used method of assessing the level of a country’s international reserves (sufficient, insufficient, optimal, etc.) is its correlation with the volume of imports. “As a general rule, it is believed that the value of reserves should cover the cost of imports for a period of three to six months,” Cherna says.

In January (the month for which we have data on imports of goods and services), coverage was 5.1 months of imports.

During the month, the receipts amounted to 2.42 billion euros, which represents: a change in the minimum currency reserves created by banks in the National Bank of Ukraine; replenishment of accounts of the Ministry of Finance; replenishment of the account of the European Commission, as well as other contributions.

There were also outflows in the amount of 1.19 billion euros, which represents: a change in the minimum foreign currency reserves established by credit institutions under the BNR; installments and interest payments on the state debt account in foreign currency and others.

The level of gold reserves remained at the level of 103.6 tons. In the conditions of the international price situation, its value was 6.060 million euros.

Romania’s international reserves (currency plus gold) as of March 31, 2023 amounted to EUR 59.28 billion.

Payments due in April 2023 on the account of the public debt denominated in foreign currency, directly or under the guarantee of the Ministry of Finance, amount to approximately 727 million euros.