The increase was approved in a government meeting Wednesday.
“Following this decision, the Finance Ministry will be able to maintain and consolidate its foreign currency reserves to a sufficient level that should cover the gross financing needs for a period of four months, with a view to prevent potential external shocks that could put pressure on costs later in the year,” government’s spokesman Andrei Zaharescu said.
Romania’s MTN program was launched in 2010. So far, the country borrowed EUR6.2 billion via the program.