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Vasilescu (BNR): Causes of Romania’s reserve drops

Foreign exchange reserves dropped in October mainly because of capital outcomes from Romania, which affected the minimal compulsory reserves in foreign exchange set up by banks, said Adiran Vasiliu the councilor of the BNR governor who avoided to comment whether the central bank had sold hard currency.

'In today's press release about Romania's international; reserves we can see a drop of the overall value by 1.352 billion euro, from 37,642 billion euro to 36,290 billion euro. This drop comes when a month sgo we registered an increase by 876 million euro. Where does this variation come from? It is a significant case of what the effects of the global crisis mean or shocks of the global crisis on economic indicators in Romania. Firstly, the crisis produced significant fluctuations in past months in the case of euro/dollar, euro/yen, euro/Swiss franc and euro/pound exchange rates. Secondly, capital flows in the area and especially in Romania recorded big fluctuations from one month to the other. Thirdly, there were changes in the value of gold,' Vasilescu explained about the evolution of international reserves in October.

BNR announced on Tuesday that foreign exchange reserves dropped in October by 1.43 billion euro to 32.2 billion euro as a result of capital exits and the evolution of euro exchange rates against the dollar, sterling pound and Japanese yen.

Sursa: http://www.actmedia.eu

Tags: euro billion reserves exchange romania bnr

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