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Clubul de afaceri
Sloven - Roman
Splaiul Unirii, Nr. 12,
Bl. B6, Sc. 3, Et 5, Ap 91, Sector 4, București

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- 10.12.2012

NBR's International Reserves, November 2012

On November 29th, 2012, National Bank of Romania's foreign exchange reserves stood at EUR 31,167 million, compared to EUR 31,770 million on October 31st, 2012.

During the month, the following flows have taken place:
EUR 3,297 million inflows, representing inflows into the Ministry of Public Finance's accounts, changes in the foreign exchange reserve requirements of the credit institutions, inflows into the European Commission's account, income from the management of foreign exchange reserves, a.s.o.;

EUR 3,900 million outflows, representing changes in the foreign exchange reserve requirements of the credit institutions, interest and principal payments on foreign currency public debt (including the amount of EUR equivalent 726.72 million representing the payment of the second principal installment and interest on Romania's loan from the International Monetary Fund on November 6th), a.s.o..

The gold stock has held steady at 103.7 tonnes. However, following the change in the international price of gold, its value amounted to EUR 4,427 million.

The international reserves of Romania (foreign currencies and gold) on November 29th, 2012 stood at EUR 35,594 million, compared to EUR 36,177 million on October 31st, 2012.

During the month of December 2012 the payments due on public and publicly guaranteed foreign currency denominated debt amount to EUR 376.49 million.

EBRD extending 175 million-euro loan to Romania to back railway reforms

The European Bank for Reconstruction and Development (EBRD) is extending a 175-million-euro loan to Romania's state-owned railway infrastructure operator, Compania Nationala de Cai Ferate, CFR, to back reforms, EBRD reported in a press release issued on Wednesday.
The investment will enable CFR to restructure its balance sheet by repaying its short-term liabilities. This will free money for vital investments and maintenance works aimed at improving the quality of the railway network.

'The EBRD loan is linked to CFR reform plans - to improve corporate governance and the quality of rail infrastructure and services - and will help to put the company on a more sustainable footing,' said Jean Marc Peterschmitt, Managing Director for Central and South Eastern Europe at the EBRD. 'Our financing aims to allow CFR to focus on investments for development.'

The loan, to be disbursed in two tranches linked to concrete reform measures will specifically support corporate governance reforms which complement and reinforce the measures promoted by the International Monetary Fund (IMF). The bank's loan will also finance an independent review of the railway operator's current practices and will assist in developing a detailed restructuring action plan - a key element of the EBRD-supported reforms.

The EBRD has previously invested in upgrading railway stations in Romania's five major cities, Cluj-Napoca, Iasi, Constanta, Craiova and Timisoara, and financed modernisation of CFR's electricity distributor, CFR Electrificare.

Previously, the EBRD has invested about 500 million euros in the Romanian transport infrastructure sector. Overall, since the beginning of its operations in Romania, the Bank has committed about 6 billion euros in over 300 projects in the financial, corporate, infrastructure and energy sectors, mobilising additional investment of about 11 billion euros.

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