Romania has begun re-paying its €10bn loan from the International Monetary Fund delivered in several tranches from 2009-2011 period. The first installment of the repayment will be for over €660m.
The Romanian National Bank (BNR) will make the payment from its foreign currency reserve, which which stood at €32bn at the end of July.
By the end of 2012, BNR is to have reimbursed €1.8bn of the loan, with payment due in November and December. The entire amount borrowed from the IMF is due in 2015.
The money was made available to help Romania survive what’s hoped were the worst moments of the current global economic crisis.
