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Central Bank Governor: An agreement with IMF would mean a protection umbrella, not funding

de Radu Rizea
Luni, 9 februarie 2009, 13:30 English | Business

The 2009 budget and Romania's economic situation are the main points on the agenda in a meeting of Finance Minister Gheorghe Pogea, Central Bank Governor Mugur Isarescu and the banking system representatives. The 2009 budget was adopted by the Government last Thursday and is now pending Parliamentarian approval.

The most important statements made by Mugur Isarescu, Central Bank (BNR) governor:

  • We must take care so that the exchange rate won't go crazy;
  • The stability of the exchange rate is critical for Romania;
  • The exchange rate may grow without any adjustment;
  • I call for reasonable predictions regarding the exchange rate;
  • In case the exchange rate and the interest rates cause new expenses, we will enter a vicious circle;
  • Romania's public debt is very low, compared to other European countries;
  • The short term private debt is high;
  • I advise banks to buy state titles;
  • The Finance Ministry had a 1 Bn Euros internal resource and began selling foreign currency;
  • We will use currency SWAP operations;
  • An agreement with the International Monetary Fund would mean a protection umbrella, not funding;
  • Romania's development has been based on foreign resources;
  • Pre-financing from the European Union would do no harm. I discussed with president Basescu and I know we don't have the ability to absorb 6-7 billion Euros from European funds.

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