Market Sensitive Indicators In The IMF Agreement Won't Be Published - Romanian Ctrl Bk GovPublish date: 15-05-2009
The market sensitive indicators in Romania's agreement with the International Monetary Fund will not be published, as in all the agreements there are included such indicators that may distort the markets, Romanian central bank governor Mugur Isarescu said Thursday.
"It is not a delay. In all financing agreements, there are included some market sensitive indicators ... there are some indicators that, instead of helping the markets to function properly, they may distort them. They were forever, in all countries, we are not in an atypical situation ... These will not be published, indeed. There are 3 to 5 indicators and they are probably the ones you are interested in," Isarescu said, answering a question on the postponement of the IMF agreement publishing.
Romania has turned in five months from a negative example into a positive one, Isarescu said.
He said Romania's image is considerably better than five months ago, and the agreement signed with the parent-banks of the largest Romanian lenders is viewed as an example for other states.
The arrangement between the banks and the IMF was a pioneering one, and it may be applied to other countries as well, the governor added.
Romania agreed end-March with the IMF, the E.U. and other international lenders a EUR19.95 billion financial package to help it cushion the effects of the financial crisis.
After it agreed the loan terms with the Romanian authorities, the IMF representatives also obtained the written agreement of nine parent-banks of the main Romanian lenders in Vienna, who engaged not to withdraw their capital and to continue financing the Romanian economy.
Isarescu also said the central bank had in the last months a series of meetings throughout the country, in which it discussed the financial crisis, its channels and the means to deal with it, especially in the financial system.
"A message we sent today is to delimitate the real problems created by the crisis from the media noise," Isarescu said.
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