The monetary market remains small, whilst the entry of large international banks generates a great deal of pressure, which the market cannot manage, says Dan Pascariu, chairman of HBV Tiriac. This is how he explains the fact that there is still a RON deficit on the market, which continues to prompt the appreciation of the RON beyond any previous estimates. "The big foreign operators have become very active. As market trends are not predictable enough, and as there are no yield curves, there is a lot of room for speculation, which the big banks are taking advantage of, therefore helping to maintain the volatility of the market," Pascariu explained to ZF. He says the current situation started as a result of the pressure created by the large amounts raised by the Ministry of Finance two weeks ago, but would rather not anticipate the moment when the NBR will become a net creditor to commercial banks, although the stock of purged sums has seen a spectacular fall over the last few weeks, in the absence of new absorption moves.
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