“Our inquiry into the 2008 potential speculative attack against the leu will be complete in a few months,” Bogdan Chiritoiu said at a Mediafax conference.
While the idea of a speculative maneuver doesn’t breach the free competition rules, a possible association between the banks is against the law, Chiritoiu said.
“Should the final report conclude that there was in fact an association, then the accusation [against the banks involved] would be of setting up a cartel,” he added.
Romania’s currency was subject to an alleged speculative attack in early October 2008, when it lost 5.6% in nominal terms over the course of four days. The leu weakened to a 45-month low of 3.94 against the euro on October 6, 2008, from 3.73 per euro on October 1 of the same year.
The central bank has stepped in the market and sold around EUR1 billion in October to support the national currency. Bank officials alleged at the time that several commercial lenders had been trying to manipulate the foreign exchange market.
Following the scandal, UniCredit Tiriac Bank’s chief of treasury, Bogdan Mihoc, has left the bank, while Lucian Isar has lost its position as vice-president of Bancpost.