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Adrian Vasilescu: what is happening now with the leu is that we imported very much

Adrian Vasilescu, strategy adviser of the National Bank of Romania (BNR) stated on Saturday morning that the present depreciation of the leu has among the causes the very big imports.

‘Foreign currency is a limited resource against our unlimited desires.(…) In order to get foreign currency we exchange lei. This is the problem. (…) What is happening now is that we had very many imports (..) When we draw the line for 2018, Romania will have to pay 13-14 billion euro for what we imported. The Poles and the Czechs have excess, we have deficit. This is the biggest disorder which we have in the country. Many see this disorder and leave’ stated Vasilescu on Saturday in a programme on Antena 3.

The exchange rate leu/euro closed on Friday the third week with a historic maximum – 4.7648 lei as a result of a growth of 0.17% against Wednesday, Thursday being a holiday according to the data presented by BNR as being the eigth day of growth in a row. Since the beginning of this year up to now, the leu has depreciated with 2.16% against the euro.

Adrian Vasilescu, strategy adviser of BNR answered on Saturday to the statements made by PSD. The governing party considers that the institution has to take money from the international reserve of Romania to defend the leu which has a devaluing tendency.


‘The only institution responsible to manage ‘ in a controlled way’ the exchange rate leu/euro is the National bank which has at present reserves of 36.8 billion euro which allow it to keep under control the exchange rate variations’ the PSD representatives said, on Thursday night on a facebook page of the party.

‘Today BNR has reserves of over 36.8 billion euro namely more than the double of the cash which is in Romania. It has, so, sufficient reserves to defend the national currency. Together with the millions of Romanians who have to pay installments to the banks we require BNR to do its duty’ they wrote on Friday morning, the representatives of PSD on Facebook.

‘The European treaty and the law of the National Bank say the same thing: the National Bank of Romania, the central bank of one of the 28 countries of the European Union has no right to receive recommendations, indications of any kind from any authority of the state. This is a subtlety: it was not the government which intervened, but the governing party’ Adrian Vasilescu, strategy adviser of BNR on Saturday in a programme on Antena 3.He explained which would be the effects if the institution would throw money from the foreign currency reserve on the market, to defend the leu as PSD recommends.


‘We bring the foreign currency on the market, we take the lei from the investors, as the investors who have lei they would like to get rid of the lei as this is what happens on the international market: they want to get rid of the Romanian currency, to exchange it into foreign currency. Well, if the BNR takes out too much foreign currency, these days, when the international market puts pressure on the domestic market, what would happen? The foreign currency would be excess, the lei of the investors on the market would be in deficit, the interests would go up, ROBOR would go over 5,over 6 or over 7. (…) The intervention on the foreign currency market is like a brain operation. You cannot operate on the brain without thinking of the consequences’ Adrian Vasilescu said.

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