Anghel, who is also chairman of the Bucharest Stock Exchange board of directors, said the pension system is very young and it will keep collecting resources for the next 15 years until it starts to pay pensions, but one must already find a balance between the resources in the system and the payments made to future pensions in time. According to Anghel, the country’s macroeconomic context has improved and there is political stability.
He added the level of liquidity on the private pension market is very comforting, but, he warned, that one must always be on the watch, as the liquidity risk is tied to investors’ sentiment, which is more than difficult to predict and handle.
Anghel concluded saying that one must find the best way possible, that is, neither too much conservatism, meaning too much liquidity, which is costly, nor too aggressive, which means investing too much in order to turn liquidity to good use and reach the profitability targets set by the financial institution.