The rates are similar to the interest rate offered by the central bank through its Lombard facility.
“Usually, there is no much activity in the day before a monthly deadline by which banks must build up their minimum reserve requirements. I have never seen the rates jump so much as they did today,” said Vlad Muscalu, a senior economist with ING Bank.
“Added the lower amounts raised at state treasury auctions, this suggests the demand for lei could also come from the Finance Ministry,” Muscalu told Mediafax.
Market participants believe the liquidity shortage is also due to a recent decision of the central bank to cap the amount available at its weekly repurchasing operations, thus limiting cash injections.
The Finance Ministry plans to raise 200 million lei (EUR44.57 million) at a four-year bond auction later Thursday.