The NBR is no longer thinking favourably about leu'sstrengthening further, after the exchange rate has slid by around4% since the start of the year. The rising leu is attractingportfolio investors, going into speculative bubbles, and foreigncurrency lending, says NBR governor Mugur Isărescu.
The NBR is facing a dilemma again, in the context whereinflation seems to be climbing steadily, going beyond the 8%threshold this spring, almost double the level of a year ago.
After the VAT hike shock of last summer, pressures related tosoaring fuel and foodstuff prices internationally have startedbeing felt since autumn. In parallel, the economy is struggling toexit an over two-year recession, and loan demand, though weak, isforeign currency focused.
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