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Romanian banks might conduct leu operations in line with European standards by year-end

A large part of the Romanian banks will be able by year-end to conduct operations in the national leu currency in line with the European standards, president of the Romanian Banks Association Radu Gratian Ghetea told a conference on the real estate market on Thursday.

'The Romanian banks, i.e. that part of them which is ready, will be able to carry out leu operations at European standards by the end of this year, so that when the currency changes, when we join the euro area, we may not have technical problems', Ghetea stressed.

He announced that the banking community has recently made the decision to adopt the SEPA European standards and norms with respect to the euro payments earlier than the date set for Romania's accession to the euro area.

'The Romanian Banks Association is not concerned with the time of Romania's accession to the euro area, since such a decision is made by the National Bank of Romania and the Government', Ghetea said.

The Single European Payment Area (SEPA) will boost the competition among the banks and will lead to a cut in fees, and this will prompt more consumers to come to the banks for the payment operations.

National Bank governor Mugur Isarescu announced at the end of last year that Romania's switching to the euro in 2014 keeps on being possible, on condition of cutting the inflation and the current account deficit; Prime Minister Emil Boc, however, believes Romania will try to join the euro area earlier than the target date of 2014, in an attempt to prevent the investors from fleeing the country and to prevent forex fluctuations.

Romania announced plans to switch to the single currency in 2012-2014, with its possible joining the Exchange Rate Mechanism ERM 2 during 2010-2012.

 

Sursa: http://www.rompress.ro

Tags: banks euro standards operations romanian european

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