Interest rates for very short-term placements on the interbankmarket yesterday leapt by more than a percentage point, moving fromthe 3% tier to the 5% one per annum, showing the cash surplusaccumulated in the second half of last year has started waning.
Dealers say the aggressive borrowing the Finance Ministry hasoperated since the start of this year and late January quarterlytax payments to the budget have swallowed up all the RON floodingthe market until recently.
"Everything started from the large payments to the budget oflate January. Banks had hoped they could delay setting up minimumreserves toward the end of the period, but the money does not comeback as fast from the Finance Ministry. At the moment, there may bea slight cash shortage on the market, and people had got used tosurpluses all the time since August," commented the dealer of adomestic bank.
The volume of payments to the budget is not known. In January,the Treasury borrowed almost 7bn RON, against the planned 4.6bnRON. In the first week of February, the state absorbed another2.8bn RON, almost as much as it had planned. For the entire month,issue plans total 5.4bn RON.
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