BNR Governor delivers harsh criticism
Publish date: 14-10-2008The exchange rate of Romania's national currency has been based on unrealistic quotations in the past few days, and the central bank will not allow any unjustified depreciation, was the warning issued yesterday by Mugur Isarescu, Governor of the National Bank of Romania (BNR), in one of the harshest speeches he delivered since assuming his current mandate at the helm of the institution.
"The quotations are unrealistic, because the word fictitious is too harsh for a governor," said Isarescu, adding that this is all due to "players who have shown that money can be made without any capital." BNR's Governor further indicated that all Romanian banks have a high level of solvency and that rumors regarding possible bankruptcies are vicious, launched by "dangerous rumor-mongers."
The leu appreciated slightly yesterday, to RON 3.7685/€1, after BNR intervened for the second time.
Business Standard
Latest News:
- Insurance market stagnated in 2013 while GDP chare dropped to 1.3%
- The Romanian Leasing Market as of December 31, 2013
- Millennium Bank reports best results since its launch, helped by stronger banking income and cost cuts
- BCR cheapens First Home loans and lowers interest loans for loans in lei
- Millennium Bank's new Salary account clients receive up to 600 lei bonus and their utility bills' payment
- GarantiBank and Seamless introduce SEQR in Romania: the newest mobile payment solution
- Bancpost telecom services, now provided exclusively by Romtelecom and COSMOTE Romania
- Millennium Bank cards offer discounts in Domo stores
- BCR Supervisory Board reshuffles Management Board
- NBR decide to lower the monetary policy rate to 4.25 percent per annum
- Common appointments in Romtelecom and COSMOTE Romania
- Up to 5.5% annual interest rate for Millennium Bank's promotional three-month lei deposit
- Eurozone in recovery mode but gap between North and South still widening
- UniCredit Tiriac Bank and RBS Romania announce the successful completion of the retail clients' migration
- Millennium Bank grants First House loans in lei