Page 28 - Economic Outlook Romania 2019
P. 28
Liquidity management as the main policy tool
Liquidity squeeze: FX interventions, public Front-loaded hikes with improved
debt pre-financing, state dividends transmission ensures lower terminal rate
7
20 3.50
15 3.00 6
2.50 5
10
2.00
5 4
1.50
0 3
1.00
-5 0.50 2
-10 0.00 1
0
Liquidity position (RON/bn/day, avg, lhs)
3M ROBOR (% avg, rhs) Key policy rate 3M ROBOR
Key rate (%, rhs) Credit facility rate Deposit facility rate
28
