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Romanian exporters to UK lose 1.5 million euros per day on weaker pound (official)
A 15 per cent drop in the exchange rate of the pound results in daily losses of 1.5 million euros for Romanian exporters to the UK, based on ongoing contracts, Romanian Exports Council co-chairman Mihai Ionescu told a specialist conference on Monday.According to Ionescu, the 15pct figure has been mentioned by National Bank of Romania (BNR) governor's advisor Lucian Croitoru.
"Romania's trade with the United Kingdom amounts to four billion euros, resulting from 2.4 billion euro worth of exports and 1.6 billion euro worth of imports. The balance is thus on a surplus. Moreover, in the first quarter we had advances of 15pct for exports and 5pct for imports, so the surplus trend persists," explained Ionescu. Some 47pct of Romanian exports consist in machinery and equipment, 23pct — in clothing, and 18pct — in cars and components, he detailed.
Ionescu expects the BNR to intervene in order to limit the pound's depreciation, because the central bank cannot ignore evolutions in Romania's economy. He also called on the authorities in Bucharest to compensate the companies that incur losses on Brexit, as the businesspeople did not foresee the vote for the British exit from the European Union.