Briefing Romania

The 4.7450-4.7500 range for the EUR/RON broadly held yesterday amid increased turnover. With a no-confidence vote ahead we could see higher volatility.

Romanian government bond yields inched a couple of basis points higher yesterday. The Ministry of Finance auctions RON300 million in September 31 bonds today, which is likely to see limited demand due to bad timing ahead of the no-confidence vote, despite wide spreads versus regional peers.

Cash rates remained unchanged just below the key rate level. The liquidity surplus for September stood at RON6.4 billion, up RON1.8 billion from the previous month.