“The leu exchange rate shows a significant difference in the policy BNR pursued once the pandemic started and the policy pursued by the three other countries with floating policies. We took into account that the exchange rate in Romania remains an indicator the entire society looks at as a stability indicator. In terms of economy, we were unable to use the exchange rate as a monetary policy instrument that much, but on the other hand, that helped,” Mugur Isarescu said.
Depreciation helped gradually improve the foreign deficit and this time, after last year’s developments, the leu was more stable than the currencies used for comparison purposes, he added.
(English version by Loredana Fratila-Cristescu)