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Dec 19, 2022 11:50 EEST
December 19 (SeeNews) - The European Central Bank (ECB) said it has decided to extend temporary repo lines with the central banks of Albania, North Macedonia and Romania by one year, to January 15, 2024.
"In the context of the persistent uncertainty stemming from Russia’s ongoing war in Ukraine and the associated economic and financial repercussions on the global economy and financial markets, the lines are designed to prevent spillover effects in euro area financial markets and economies and safeguard the smooth transmission of the ECB’s monetary policy," the ECB said in a statement last week.
The original repo lines were due to expire on January 15, 2023. They have been established since 2020 to provide euro liquidity to financial institutions via non-euro area central banks in view of the pandemic and heightened geopolitical tensions triggered by Russia’s invasion of Ukraine, the ECB noted.
Under the respective repo line agreements, the central banks of Albania and North Macedonia can each borrow up to 400 million euro ($425.9 million) from the ECB. The size of the repo line with Romania's central bank is 4.5 billion euro.
Under a repo line, a national central bank can borrow euro up to the specified limit in exchange for adequate euro-denominated collateral.
($ = 0.939247 euro)
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