PM Tariceanu: Leu depreciation no bad thing

Publish date: 22-11-2007
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Romanian Prime Minister Calin Popescu-Tariceanu stated on Wednesday on the occasion of a visit he paid to Bacau (north-east of Bucharest) that the depreciation of the national currency leu is no issue to raise concerns, as, in fact, the national currency reaches thus its correct economic level and, moreover, this exchange rate stimulates the exports and brakes imports.

'The exchange rate, when it was 3.2 -3.1 lei to the euro was utterly overrated and had nothing to do with the economic reality in Romania,' the Prime Minister stressed, also underscoring what the BNR (Romanian National Bank) governor Mugur Isarescu had said, that the exchange rate of the leu has just now reached its real level compared with the performances of the national economy.

Tariceanu added that the depreciation comes with no negative effects on the economy.

'I think that it is not a bad thing the exchange rate climbs to 3.5 lei to the euro. This will significantly help the exporters and will put a brake on certain imports, which is a very good thing,' the Prime Minister said.


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