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March 23, 2023

BNR Governor: No reasons for further RON decline

The RON no longer has reasons to devaluate, the Governor of the National Bank of Romania (BNR) claims, Realitatea TV informs. Mugur Isarescu explained that the improvement of the external economic factors has led to the stabilization of the national currency. The Head of the Monetary Authority launched ironies against those that tried to make the EUR more expensive. Isarescu stated that boredom was the probably reason behind them launching all kinds of negative reports on the exchange rate’s outlook. ‘These funny estimates have started all over again. Some poor folks expect the exchange rate to grow at RON 4.7 and out of boredom they’ve once again come out with a report trying to explain how they see things’ Mugur Isarescu stated.

However, the BNR Governor states that the data is clear. The budget deficit fell by half in less than a year, as a consequence of the RON’s devaluation. The national currency fell by more than 10 per cent against the EUR. According to Isarescu, the evolution of the external deficit and that of the productivity-wage ratio shows that the RON no longer has reasons to devaluate.

‘It is an extraordinary improvement of the external economic fundamentals that had previously led to the exchange rate’s depreciation’ the Governor of the National Bank pointed out.

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