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The association of Exporters: there are huge pressures for the foreign exchange rate on the part of speculators

The evolution of the leu is under high pressure on the part of speculators both in Romania and outside the country, who want a negative evolution of the national currency, the chairman of the National Association of Exporters and Importers in Romania (ANEIR) Mihai Ionescu.

« The big dilemma of exporters is what is going to happen with the exchange rate in 2011. There are high pressures on the part of domestic and foreign speculators who want a negative evolution of the exchange rate, something the BNR could not handle anymore' Ionescu said on Monday, when they launched the export strategy for 2010-2014. The strategy has as objective to promote the innovative companies, to explore new international markets, to consolidate institutional collaboration or initiative in projects with ' mutiannual approach from the perspective of project management'.

The main sectors to be promoted through this strategy are tourism, IT, agriculture and machine and equipment production. Ionescu added that ANEIR has promisses from BNR to be together with the companies which sell products on foreign markets and to ensure the stability of the exchange rate ' to give courage to the exporters to sign contracts for 2011'. The BNR governor Mugur Isarescu stated that the central bank considers there are no reasons for the instability of the exchange rate in 2011.

« There are no reasons for instability » Isarescu says, showing that the foreign deficit « which is very high » of 12-14% of GDP in 2007 and 2008 dropped at 4-6% of GDP, a sustainable level.

The foreign exchange rate varied from 4.2265 lei/euro in the first session to a minimum of 4.0653 lei/euro in the second part of March and the most recent key reference announced by BNR is 4.2931 lei/euro. The exchange rate went up to a maximum of 4.3688 lei/euro at the end of June, after the government announced the implementation of new austerity measures, including the reduction of salaries in the budgetary sector by 25% and the VAT increase by 5 percentage points, to 24%.

Sursa: http://www.actmedia.eu

Tags: speculators exporters exchange foreign there euro bnr