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Isarescu: BNR ready to intervene on forex market to attenuate anomalies

Romania's National Bank (BNR) is ready to intervene on the foreign exchange market, directly or indirectly, in order to attenuate eventual 'anomalies', stated on Tuesday BNR Governor Mugur Isarescu in the Parliament.

He named 'anomalies' what was happening in the past days on the forex market, when despite a low trading volume an ample movement occurred.

'We would prefer to see the exchange rate determined by the market alone, and we disagree with extremely big rate variability, when it gets a too large amplitude and especially when it has no connection to reality', said Isarescu.

BNR official also told the two Parliament chambers that things are under control as for the forex market, where an exaggerated volatility of the exchange rate appeared lately, on the backdrop of the international financial crisis and of the fact that more than half of the loans granted to population - more than 14 billion euros - are in foreign currency.

BNR intervened directly on the forex market, on October 11, selling some 40 million euros, with the objective to test how the market operates in the current context of volatility and uncertainty, as well as to understand the lack of correlation between the statistical data on the monetary and forex markets and the existing quotations on these markets. Statistical data on the monetary market demonstrate that the interest rates stayed high, even though there is an excess of liquidity.

 

Sursa: http://www.rompress.ro

Tags: market forex bnr isarescu

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