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Radu Craciun (Eureko): BNR controlled the speed of leu depreciation and won’t allow the exchange rate over 4.5lei/euro

The National Bank of Romania*BNR) controlled the speed of leu depreciation over the last weeks and wont' allow the exchange rate to go to excessive values, over 4.5 lei/euro the manager for investment for the pensions fund Eureko Radu Craciun said.

'I think that BNR could intervene in the case of rapid depreciation on a short term. Until now, the depreciation of the leu was not stopped by BNR, which controlled the speed of leu depreciation and slowed it down' Craciun said.

He explained that, by comparison to other states such as Poland and Hungary, the mechanism of sending the exchange rate in prices in the Romanian economy is not so limited. ' There are many prices denominated in euro, it would worsen the credit portfolio and the depreciation of the leu could not be let, by the end of the year to excessive values. To tolerate a weaker leu, the Romanian economy, which could take an advance, had to be prepared in time' the financial analyst said.

Craciun underlined that, despite the depreciation of the last weeks, the volatility of the leu is among the lowest in the region, against the forint and the zlot, for example, and it must be judged in relative terms. He mentioned that the international tendencies and the adversity to risk against the region led to movements of the exchange rate in Romania which could be against the economic data. The investment director of Eureko Pensii showed that the volatility of the exchange rate is connected to the monetary policy of BNR which preferred a higher volatility of interests on short term, which should counterbalance the lower volatility of the exchange rate.

The leu depreciated on Monday against the euro by 0.02% and the National Bank of Romania (BNR) announced a reference exchange rate of 4.3608 lei for the European currency, a new maximum of 2011, up by 0.10 bani as compared to Friday, when the euro was quoted to 4.3598 lei. The historic maximum of the euro/leu exchange rate was recorded on 30 June 2010 when the BNR reference was 4.3688 lei/euro.

Sursa: http://www.actmedia.eu

Tags: exchange euro which depreciation speed eureko bnr controlled craciun

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