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ING Bank Romania: BNR’s reaction to crisis came late

The response of the Central Bank of Romania (BNR) to the current crisis came late, and recently adopted monetary policy measures will not lead to lower interest rates on the market as long as the exchange rate stability will not last long, says ING Bank Romania CEO Misu Negritoiu, according to Mediafax.

‘I do not believe the monetary policy is the sole competence of BNR and I do not believe the central bank is fighting the crisis, I think it actually adopts measures adequate for normal situations. BNR also reacted late and I don't thing what it has done recently will lead to lower market interest rates,' Negritoiu stated at a meeting of the Social-Democrat Party (PSD) where the party presented a set of anti-crisis measures. He explained that the monetary policy is to keep inflation under control and added that, in his opinion, that particular indicator does not count when crisis is registered.

On the other hand, he said that the reduction or even abrogation of the required reserve ratio would bring a lot of money onto the market. ‘I do not believe the interest rate will drop too much in the coming period or that the exchange arte stability will last too long,' Negritoiu also said.

The head of ING Bank Romania thinks anti-crisis measures should be taken, in respect of the monetary policy, in support of investment and in creating jobs, reducing administrative expenditures and stimulate sales and consumption. He explained the fact that there is no money in the state budget because ‘the money was spent before the crisis.' Negritoiu also said Romania had signed an agreement with the IMF and he did not believe the institution had a crisis package.

On the other hand, the ING Bank Romania official thinks the Treasury should increase its cash position to allow for subsequent investment. With regard to supporting investment and creating jobs, Negritoiu claims the best thing to do is to abrogate the VAT for projects developed with structural funds.

 

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Tags: crisis negritoiu bnr romania ing

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