Romania’s FX reserves up in May after EUR 3.2 bln Eurobond
<p>Romania’s foreign exchange reserves rose by EUR 2.5 billion in May to EUR 65.1 billion at the end of the month after the government raised EUR 3.24 billion with the third series of Eurobonds this year, according to the National Bank of Romania (BNR).</p>

<p>The gold reserves (103 tonnes) added another EUR 7.2 billion, resulting in EUR 72.3 billion in international reserves at the end of the month.</p>

<p>Total foreign exchange inflows were EUR 4.44 billion, while the outflows were EUR 1.88 billion, including the service of the external public debt (EUR 625 million).&nbsp;</p>

<p>The third round of Eurobonds comes on top of EUR 7.9 billion raised by the government of Romania in January-February when it sold state debt denominated in both US dollars (January) and euros (February).</p>

<p>Romania was getting close to completing its foreign debt sale plan for the year with a new Eurobond sale as the risk of a wider-than-expected budget deficit is expected to boost funding costs, Bloomberg reported on May 21. The bonds issued in May have maturities at issue of eight and 13 years respectively.</p>

<p><em>iulian@romania-insider.com</em></p>

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