The National Bank of Romana (BNR) considers that there should be issues of public securities in the periods characterized by budgetary surplus too, also appreciating as a mistake the passivity showed by the Ministry of Public Finance in this respect, ACT Media news agency reports.

The issue of public securities contributes to maintaining a reference point on the market, as they can be used as guarantees in the inter-banking deals, says a BNR report on financial stability.

The Ministry of Public Finance has cancelled all the public bids in terms of public securities this year, justifying this move by pointing to the budgetary surplus January through March (1.3 percent of the GDP).

The postponement without a deadline of the listing on the stock exchange of the public securities contributed to the decrease in the retail investors' interest in this type of issues.

"Considering the European Commission's recommendation to have a stable reference point in terms of long-term public securities by the integration data, the Ministry of Public Finance must immediately resume the issues of such securities," KTD Invest chairman Iulian Panait says.

In the opinion of Walter Blaj, executive manager of Globinvest, there are a lot of Romanian lei on the market.

Thus, he does not expect spectacular outputs when the issues of public securities isresumed.

"For us, interests between 6 and 7 percent in terms of securities with short maturities (3 to 18 months) would be attractive enough," he says.

Investors were able to acquire public securities with a three-month maturity and an average output standing at 5.3 percent at the last tender carried out in September 2005.

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