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Dragulin (BNR): We hope for a stable exchange rate in the present macroeconomic frame

The central bank does not believe that in the present macroeconomic conditions the exchange rate will maintain stable and will avoid intervening in the currency market so that the monetary policy remained credible to enter the euro area, Ion Dragulin, the director of the Financial Stability Department within BNR said.

."In the present macroeconomic frame we do not hope for a stable exchange rate in the next period, and BNR will avoid getting involved and becoming a blind ally. It is clear that the central bank policy will be to avoid interventions, to the extent in which economic policies will rest on the monetary one," Dragulin said.

He added that in order to enter the euro area, the National Bank must keep the credibility of monetary policy by avoiding interventions."The objective of passing to euro demands a credible exchange rate policy, to reach at the moment of entering ERM II an exchange rate recognized by the market. If BNR maintains the exchange rate it will realize that it cannot enter the mechanism," Dragulin mentioned.On 8 October the BNR governor Mugur Isarescu declared in Parliament that the main strategic objective for the new BNR Administration Board is the adoption of euro in 2014-2015, and ambitious but possible target.

The central bank and the government suggested that Romania adopted the single European currency in 2014, which means entering ERM II in 2012. According to vice-governor Cristina Popa the effective entrance in the euro area could take place on 1 January 2015, if Romania gets a favorable decision in 2014.

Sursa: http://www.actmedia.eu

Tags: macroeconomic euro present exchange bnr stable dragulin

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