Briefing Romania

The EUR/RON inched higher yesterday and in afterhours trading managed to break above 4.7400. We expect a 4.7350-4.7450 range for today.

The Romanian government bond yield curve inched a couple of basis points lower yesterday ahead of the Federal Reserve meeting. Today, the Ministry of Finance auctions RON200 million in a new 15-year bond.

The cash rate dropped below the NBR's deposit facility as we near the end of the reserve maintenance period.