Romania, BNR: Head of National Bank, Mugur Isarescu, said that the foreign currency market is on a steady path for the time being

Mugur Isarescu, the head of the Romanian National Bank said that the foreign currency market functions as it should and that the exchange rate is where the market places it.

The foreign currency market works therefore as it should, and the exchange rate is where the market places it, commenting on Wednesday the Governor of the National Bank of Romania, Mugur Isarescu saying that they could not keep an artificial rate as the bank would lose the foreign currency reserves.

‘We can’t keep an artificial rate against the forces of the market. We cannot keep an artificial rate if the market is not in balance as we would lose the reserves’, he stated.

In its meeting on the 7th of February, 2018, the Board of the National Bank of Romania decided to increase the monetary policy rate to 2.25 percent per annum from 2.00 percent per annum as of 8 February 2018 and to raise the deposit facility rate to 1.25 percent per annum from 1.00 percent per annum and the lending facility rate to 3.25 percent per annum from 3.00 percent per annum as of February the 8th, 2018

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