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BNR is determined to spend any amount of money to support the leu

BNR is determined to spend any amount of money to support the leu which will depreciate by the end of the year and will have a slight trend of appreciation once the European markets come back, the ING Bank head Misu Negritoiu says.

« The exchange rate could reach 4.3 lei/euro but the policies are aggressive. It is a kind of making politics, but the measures are counterproductive" Negritoiu said at an economic seminar.

He showed that, over the last period, the exchange rate was under pressure and the leu diminished due to the commercial tradings, not due to speculations.

As regards the BNR policy, Negritoiu thinks that the Central bank could decided one year ago to reduce the minimum obligatory reserves in foreign currency for the banks, to help the private sector. " the measure on Monday is extremely surprising for those who do not know and not so rational as the markets expected. It could have been taken one year ago to help the private sector" Negritoiu said.

The Central bank reduced on Monday the minimum obligatory reserves for foreign currency of the credit institutions from 30% to 25% to support the financing of the budgetary deficit.

« I think we get to the end of the crisis, this does not mean we come back and I consider that we don't have recession under the shape of V or W, I think our coming back is half way" Negritoiu said. ING estimate that the economy will grow by 0.9% in 2011, the advance accelerating at 4.6% in 2012 and 6% in 2013.

Negritoiu says that next year the sectors to come back will be FDI and capital influx, taking into consideration that Romania will get into a period of stability, once the elections are over and investors will be attracted.

« I would have liked to have this discussion one year ago. In September 2008 we did the presentation together with the ministry of economy and finances and we showed that what is worse has not come yet. The crisis started in 2007 on an international level and I wonder why the authorities reacted so late and with all policies upside-down" the ING Bank head said. He showed that the authorities tried to convince Romania not to confront hard landing, but they consider that at present there is more than hard-landing. However, Negritoiu believes in Romania's convergence with the EU under two conditions, structural reforms and correction of macroeconomic imbalances.

"The crisis taught us some things: to clean up and there is no easy money", the ING Bank Romania head concluded.

Sursa: http://www.actmedia.eu

Tags: negritoiu bnr support money euro ing

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