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Isarescu takes over coordination of interventions personally

BNR governor Mugur Isarescu preferred to take over the coordination of currency and monetary market operations. The department had been run by deputy governor Eugen Dijmarescu, Ziarul Financiar newspaper informs.

From that position Isarescu will supervise drectly interventions for exchange rates, liquidation injections in the monetary market, and the administration of the currency reserve of over 28 billion euro and placing 104 tons of gold. Isarescu, who is now at the fourth mandate as governor, is a specialist in exchange rate policies. Last fall during the attacks of foreign speculators on the leu, Isarescu personally led from the BNR dealing exchange rate interventions.

BNR succeeded in protecting the currency reserve which reached historic peaks of over 28 billion euro, also fed by the EU and IMF loan. However, analysts have calculated that BNR has spent over a billion euro in some months such as September in order to ensure that the leu has not entered an uncontrolled drop. After the aggressive depreciation of last month, the exchange rate was relatively stable, oscillating between 4.1and 4.3 lei for 1 euro. Besides market operations, Isarescu supervises communication, secretariat and human resource departments.

Eugen Dijmarescu who in his mandate had coordinated market operations had won Isarescu's confidence when they were both working at the World Economy Institute. The market operations department has been headed for a decade by BNR director Lia Tase. She is charge of BNR operations and auctions for sales of state bonds in the primary market.As of this year BNR has returned to the net creditor of the bank system, once the structural excess of liquidities dropped.

Banks are now compelled to periodically use refinancing credits from BNR, which requires then to have state bonds with which to guarantee loans. In fact the central bank has watched with great attention the level of market liquidities so as to allow Finances to sell state bonds to cover the budget deficit.

Sursa: http://www.actmedia.eu

Tags: isarescu bnr operations market interventions euro

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