Money market

Turkey's seven largest banks have sufficient short-term foreign currency (FC) liquidity to service FC debt during the event of a brief market closure, Fitch Ratings said on Sept. 23 in a report. 

There is nothing wrong with the ROBOR, the Romanian Interbank Offer Rate, and there is no mishandling it or it slipping from the real level of the market, Governor of the National Bank of Romania (BNR) Mugur Isarescu said on Tuesday.

Spokesman of the National Bank of Romania (BNR) Dan Suciu turned critical on Darius Valcov, economic advisor to the Prime Minister, saying that the latter's suggestion that the formula used to calculate the interbank offered rate ROBOR should be changed or that the benchmark rate should be removed all together proves he is in serious confusion about the money market and its role in the

Plans for a three-year state bond have been shelved for now, as conditions in the bonds markets remain uncertain, but the Finance Ministry is planning to issue a 12-month treasury bill next week.

The last few days have provided a succinct and well-timed reminder of the risks and rewards that lie in store for Greece as this country heads to the end of its final bailout program.

The Finance Ministry is preparing to issue a new bond in the next few days, in light of advice from the European Commission that the planned "cash buffer" to be padded out ahead of the conclusion of the bailout program may require some support.

The International Finance Corporation (IFC) said on June 22 it has introduced an innovative financial instrument to expand the availability of Turkish Lira financing for private enterprises in Turkey.

The IFC, a member of the World Bank Group, has become the first multilateral institution to issue lira-denominated discount notes.

By Sotiris Nikas