Isarescu replied to recent comments from local analysts, who said the central bank should refrain from stepping into the market to manage the leu exchange rate and that it should allow a pure floating exchange rate instead.
“Leaving aside the fact that the central bank’s site clearly shows that we have been having controlled floating for the last 15 years, only a few days ago we’ve explained about the finance ministry’s foreign currency sales,” Isarescu told a seminar.
“Are these sales included in the market offer? If not, we would have to create a separate market for government operations and return to a dual, or a triple exchange rate regime.”
Last week, Isarescu said the leu’s recent appreciation against the euro was supported by foreign currency sales from the central bank on behalf of the finance ministry, which exchanged part of its foreign currency holdings.
The central bank’s chief said the local capital market requires more maturity.
“The stock exchange needs more maturity; it needs to free itself from the traders’ domain,” Isarescu said.