BNR Governor delivers harsh criticism

Publish date: Astazi, 14-10-2008
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The 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.

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