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BNR admits the leu is defended against external shocks
The advisor of the BNR governor, Adrian Vasilescu, says that the National Bank of Romania uses the adequate tools for the shocks provoked in the euro zoe to take a short period and minimum intensity on the leu, proof that on Wednesday 23 May, against the previous day, the national currency depreciated less than the currencies in the region. Vasilescu's statement comes in the context in which the exchange rate reached a maximum high of 4,4587 lei/euro up by 0.3% as compared to the level announced in the previous meeting.
"The depreciation of 23 May was caused, as in the case of 8-16 May, mainly by the bad news coming from the euro zone. In the whole region, the currency suffered accentuated depreciations. In the foreign currency market starting with 17 May to 21 May seemed to give the leu a new tendency, of appreciation by comparison to the euro, the calming down of the rate was produced under the influence of some information if not soothing at least with less pessimism than the ones coming from the reunion G8. On Monday the stock exchange changed its course and the pessimist came back. All currencies in the region suffered new depreciations" the adviser of the BNR governor mentioned.
He showed that against 8 May the depreciation of the leu was minimum - by only 1.26% while the Polish zlot depreciated by 3.87%, the Hungarian forint by 5.16% and the Czech kron by 1.85%.
"The day of 23 May was agitated on all markets. The commentaries of the former Greek prime-minister Lucas Papademos, made for Wall Street Journal and for CNBC who said that " in the case Greece went out of the euro zone the consequences for the euro - the financial system and for the real economy will be profound and the associated costs will be huge: and they will have as an effect, the economies of outside the euro zone: made new waves. The shock was felt instantenously. The euro depreciated against the dollar. In our regon, the leu went over the threshold of 4.45 and the Zlot, the forint and the kron depreciated even more" Vasilescu added.
The BNR official mentioned that although the former Greek prime-minister introduced many "if" by underlying that the scenairo of the divorce of Greece from the euro " is unlikely to get to maturity"the shock produced was quick and on large areas.