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Lucian Criotoru: Without IMF approval exchange rate would have been 6 lei/euro

Without the IMF accord the exchange rate would have been now 6 lei/euro, said Lucian Croitoru, the councilor of the BNR governor at a meeting with graduate students of the Academy of Economic Studies .

He pointed out that the rate was the result of rigorous calculations. Croitoru said that although the ruling parties in 2009, PSD and PDL did not succeed to reach an agreement, the only good thing was that both realized Romania needed help from IMF.

BNR governor Mugur Isarescu declared in March that the effects of a serious program like the one with IMF were seen in economy and gave as example the amendment of the rate perspective, which analysts saw at 4.6 lei/euro in December and after the first three months of 2010 the central bank hoped the leu would not appreciate more.According to the average exchange rates published by BNR the leu appreciated last year by 15.05% from 3.6837 lei/euro in 2008 to 4.2373 lei/euro.

In his opinion, Romanian economy won't have sufficient drive for the country to adopt the euro by its 2015 timeframe, but this shouldn't scare the central bank into changing the adoption calendar Romania is only able to make significant changes if it has ambitious objectives to aspire to, Croitoru said Thursday. He said Romania's plan to join the euro area in 2015 is not likely to materialize.

Central bank governor Mugur Isarescu said recently that a slight delay in joining the euro area would be less harmful than moving to adopt the euro before being fully prepared. However, Isarescu insisted the central bank doesn't give up its plans to adopt the euro in 2014-2015, but added such a measure will not be possible unless the leu's exchange rate stabilizes.

Sursa: http://www.actmedia.eu

Tags: euro would exchange bnr

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