According to dealers, the money were drawn by two state-run lenders to help the Finance Ministry, as the latter hasn’t been able to attract much funding from treasuries sales, due to high yields.
“Interbank interest rates are below the central bank’s rate, so it would be cheaper for banks to borrow from one another than to use the central bank’s facility,” said one dealer.
On the money market Monday, overnight rates were at 5.2%-5.7% a year. (EUR1=RON4.3329)