Romanian central bank governor Isarescu: local currency leu will recover 

Romania’s national currency will be able to recover after its recent depreciation against the euro, Romanian National Bank (BNR) governor Mugur Isarescu declared on Tuesday, quoted by NewsIn. Isarescu said that the depreciation is a direct consequence of local economic problems.

However, Isarescu said he was confident that the Romanian Ron would recover steadily. Among others, Isarescu argued that the exit of flexible capital was reflected upon the tremor felt by Bucharest’s stock exchange market.

Moreover, he added that the national currency could have stabilized earlier but the massive spendings both at public and private level accelerated its depreciation. By the end of last year, Isarescu explained, the money present on the market registered a 50% increase as compared to the money registered by the end of 2006.

Isarescu’s statement comes after Romania’s national currency lost heavily in front of the euro reaching to quotations as high as 3.79 Romanian Ron for 1 euro.