“I want to remind you that the market is more advanced: it has grown deeper, the state bonds’ market is weighing considerably more and foreigners are more active. Therefore, the vulnerabilities could be higher,” Isarescu told a news conference.
He added that the central bank has seen no indication of capital withdrawals from the local market.
However, the leu’s volatility has increased in the second quarter, influenced by recent developments in international markets.
Isarescu reiterated an appeal to public caution, saying slight fluctuations of the leu’s exchange rates are to be expected.
“Movements of two, three or five percent shouldn’t be a reason to make news stories,” he said.
In October 2008, the central bank had to step into the market to ward off a spreading panic attack in the market, after significant withdrawals of foreign capital threatened to create a hole in the central bank’s forex reserves.