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March 1, 2021

FinMin Misa: If we consider probability elements, exchange rate is likely to go up next year

The national currency rate may rise next year above the level of 4.55 lei / euro, set in the construction of the 2018 budget, says Minister of Public Finance Ionut Misa.

“We are talking about rising inflation and about a trend, including at the level of the European Union in terms of inflation. The established exchange rate is based on the analysis of the National Prognosis Commission, given also the economic growth and taking into account the uptake of European funds in 2018. If we consider probability elements, the exchange rate is likely to increase, but there were years in which the exchange rate went down,” Misa said on Tuesday in the Parliament’s joint committee on budget-finance.

According to him, Romania is the country with the lowest tax burden in the EU.

He said last week that the draft state budget for 2018 was built on an economic growth of 5.5%, an average exchange rate of 4.55 lei for 1 euro [on Tuesday the exchange rate was 1 euro for 4.6362 lei] and a monthly average salary of 2,614 lei.

The minister of public finance mentioned that “the cash budget deficit is estimated at 2.97% of GDP, while the ESA deficit is 2.96% of GDP, thus meeting the budget deficit target of below 3% of GDP, under the Maastricht Treaty.”

“The draft budget provides for the necessary resources for salary increases according to the calendar established by the unitary salary law and the commitment to raise the pension point by 10%,” Misa said.

The minister added that the budget revenues projected for 2018 are estimated at 287.5 billion lei, 31.7% of GDP respectively.

The budget expenditures for 2018 are estimated at 314.5 billion lei, which is 34.6% of GDP, Misa added.

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