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November 26, 2022

Vasilescu: Analysts cannot evaluate Central Bank’s interventions

Analysts cannot estimate the interventions of the National Bank of Romania (BNR), as these are not concentrated, and calculations made in May by some banks failed to take into account the lag with which banking institutions reduced the amounts released out of the reserve requirements, Adrian Vasilescu, advisor to the BNR governor, stated, quoted by Mediafax. “Some analysts continue their series of fanciful calculations. They come now and start circulating the idea that BNR had laid out, in May, between EUR 700 M and 1 bln to prevent the depreciation of the national currency. Furthermore, that the bank had meant even to stabilise the exchange rate at RON 4.13/EUR,” Vasilescu argued.

The analysts of ING Bank released an estimate according to which BNR had sold, in the latter half of May, between EUR 700 M and 1 bln, to prevent the national currency from falling below RON 4.14/EUR.

Vasilescu argued that BNR did not have an exchange rate target and that he usually refrained from commenting on interventions or non-interventions on the market, but saw fit to point to the way in which a mathematical estimation, apparently correct, could be erroneous.

The advisor claims that analysts do not have enough data to evaluate, correctly, whether the central bank intervened or not on the currency market and, especially, by what sums.

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