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Romania's national currency could continue growing on large capital inflows, official says

The national currency could continue growing as capital inflows in Romania will resume gradually and will increase from 2009, owing to the high interests' attractiveness, said the councilor of the central lender's (BNR) governor, Lucian Croitoru.

He said the capital inflows will press the reference interests to reduce significantly, but mentioned it is not possible to slash them by 2-2.5 percent at once because of the pressure on inflation.

Croitoru said BNR's main challenge is to meet inflation targets, but to maintain interests near a level which keeps the system's financial stability. He added BNR could witness a need to sponge more currency reserves as the capital flows are no longer held up through interests.

The official explained a smaller interest rate is needed in 2010-2011 to stop large capital inflows.

Also, Croitoru said the foreign direct investments (FDI) could exceed 6 billion euros in 2010.

Sursa: http://www.newsin.ro

Tags: capital could inflows currency bnr

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