The excess liquidity on the monetary market has declined significantly over the last few years to a level of around 6 billion RON (equivalent to 1.7 billion euros) at present, from as much as 23 billion RON in 2005. "The decline is even more abrupt, if we take into account the share of excess liquidity in the Gross Domestic Product, which has fallen from 8% in 2005 to 2% at present. The current level is similar to that seen in 2001," comments Ionut Dumitru, head of the research department of Raiffeisen Bank. Under the circumstances, the monetary market could experience periods of strong decline in liquidity, alternating with periods of a higher surplus of RON liquidity, depending on the calendar of payments to the state budget and on the spending pattern of the Government. According to Dumitru, under the current circumstances, the excess RON on the monetary market should be completely absorbed in about a year.
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