Forex Market
33,563 lei/$ on 04/21/2003
36,575 lei/euro on 04/21/2003 04/18/2003:
(equiv. thousands Euro)
Bought from clients: 33,919.5
Sold to clients: 33,935.9
Interbank operations: 33,506.8
Daily volume (total): 67,442.7
Exchange Bureau Rates
33,500 - 33,820 lei/$ (04/18/2003)
Money Market
Average interest rates on interbank market on 04/21/2003, for one week:
BUBID (Bucharest Bid) deposit rate: 16.13%
BUBOR (Bucharest Offered) lending rate: 20.00%
Deposits and transactions on money market on 04/18/2003:
Transactions-daily average volume: 75,011.5 billion lei
Annual average interest rate: 17.92%
Transactions-daily average volume: 5,879.5 billion lei
Annual average interest rate: 17.75%
BSE Transactions
6,575,348,780 lei on 04/18/2003
BET ROL Index: 1744.11 (1.03%)
BET $ Index: 388.35 (0.66%)
BET C ROL Index: 1126.07(0.57%)
BET C $ Index: 279.43 (0.2%)
SIFs (Financial Investment Companies): 5,296,529,500 lei
RASDAQ Transactions
3.76 billion lei on 04/18/2003
RASDAQ C Index: 1,081.37 (0.19%)
Forex Market
32,562 lei/$ on 03/12/2003
35,911 lei/euro on 03/12/2003
03/11/2003:
Bought from clients: 50,480.0 (thousand USD)
Sold to clients: 59,022.4
Interbank operations: 73,243.2
Daily volume (total): 132,265.6
Exchange Bureau Rates
32,150� 32,500 lei/$ (03/11/2003)
Money Market
Average interest rates on interbank market on 03/12/2003, for one week:
BUBID (Bucharest Bid) deposit rate: 13.75%
BUBOR (Bucharest Offered) lending rate: 18.13%
Deposits and transactions on money market on 03/11/2003:
Transactions-daily average volume: 65,618.0 billion lei
Annual average interest rate: 17.15%
Transactions-daily average volume: 5,099.5 billion lei
Annual average interest rate: 16.21%
BSE Transactions
6,962,926,642 lei on 03/11/2003
BET ROL Index: 1697.12 (-0.45%)
BET $ Index: 392.11 (-0.23%)
BET C ROL Index: 1106.07 (-0.77%)
BET C $ Index: 284.8 (-0.54%)
SIFs (Financial Investment Companies): 4,678,351,200 lei
RASDAQ Transactions
14.95 billion lei on 03/11/2003
RASDAQ C Index: 1,114.6 (0.19%)
(17.01.2003) Forex Market 33,685 lei/$ on 01/16/2003>
35,587 lei/euro on 01/16/2003
01/15/2003:
Bought from clients: 51,486.8 (thousand USD)
Sold to clients: 61,617.6
Interbank operations: 184,340.5
Daily volume (total): 245,958.0 Exchange Bureau Rates 33,420 � 33,650 lei/$ (01/15/2003) Money Market Average interest rates on interbank market on 01/16/2003, for one week:
BUBID (Bucharest Bid) deposit rate: 13.38%
BUBOR (Bucharest Offered) lending rate: 18.81%
Deposits and transactions on money market on 01/15/2003:
Transactions-daily average volume: 73,608.9 billion lei
Annual average interest rate: 19.61%
Transactions-daily average volume: 3,102.1 billion lei
Annual average interest rate: 12.66% BSE Transactions 18,171,855,064 lei on 01/15/2003
BET ROL Index: 1852.87 (0.58%)
BET $ Index: 415.42 (0.68%)
BET C ROL Index: 1223.24 (0.57%)
BET C $ Index: 305.64 (0.67%)
SIFs (Financial Investment Companies): 8,271,194,600 lei RASDAQ Transactions 9.47bn lei on 01/15/2003
RASDAQ C Index: 1,093.22 (1.53%)
Forex Market 33,523 lei/$ on 11/27/2002
33,267 lei/euro on 11/27/2002
11/26/2002:
Bought from clients: 39,885.2 (thousand USD)
Sold to clients: 49,622.2
Interbank operations: 122,458.2
Daily volume (total): 172,080.4
Exchange Bureau Rates 33,400 - 33,600 lei/$ (11/26/2002)
Money Market Average interest rates on interbank market on 11/27/2002, for one week:
BUBID (Bucharest Bid) deposit rate: 16.88%
BUBOR (Bucharest Offered) lending rate: 21.00%
Deposits and transactions on money market on 11/26/2002:
Deposits-daily average volume: 65,731.5 billion lei
Annual average interest rate: 21.61%
Transactions-daily average volume: 4,402.0 billion lei
Annual average interest rate: 19.47%
BSE Transactions 10,018,435,490 lei on 11/26/2002
BET ROL Index: 1624.22 (-0.66%)
BET $ Index: 364.57 (-0.36%)
BET C ROL Index: 1082.34 (-0.59%)
BET C $ Index: 270.74 (-0.29%)
SIFs (Financial Investment Companies): 8,845,711,600 lei
RASDAQ Transactions 35.28 lei on 11/27/2002
RASDAQ C Index: 1,064.35 (0.55%)
Both empirical findings and theoretical
studies indisputably show the positive link between the efficient
functioning of the financial system and economic growth. The key role of
financial development in the growth process derives from the fact that, by
reducing information asymmetries and facilitating economic transactions,
financial intermediaries “facilitate the allocation of resources over time
and space”.1 Therefore, the transition process of the formerly centralised
economies – including Romania – also sought to pay special attention to the
reform of both the financial system and financial markets.
Initially, the reform of the Romanian financial
system advanced only gradually, but the pace accelerated considerably from 1997
onwards. The measures adopted so far have mainly consisted in restructuring and
privatisation of some state-owned banks, closing down insolvent private banks
and investment funds, strengthening regulation and supervision of financial
institutions, foreign exchange market liberalisation and adoption of full
current account convertibility of the local currency.
Although these actions helped the financial
system to recover, they were not able to root out the delays accumulated
previously, the system’s operation proving to be strongly conditioned by the
implementation of reform in other economic sectors, including at the
macroeconomic level. Under these conditions, the improvement in macroeconomic
performance during the past two years (the acceleration of economic growth and,
above all, the progress in disinflation) essentially contributed to the increase
in financial markets’ efficiency and to putting financial intermediation on an
upward trend.
