Fluctuations of up to 3-4% of the exchange rate should not be"paid attention to" and should not be immediately apparent inprices, says Mugur Isărescu, governor of the NBR (National Bank ofRomania).
The governor's reaction comes at a time when analysts believe theNBR is selling foreign currency on the interbank market toappreciate the leu, specifically in a bid to counter inflationarypressures brought about by the fact that oil and food have becomemore expensive on international exchanges. The leu has gained 1.3%against the euro this year, reaching a nine-month high.
"1-2% exchange rate fluctuations should not be immediately apparentin prices. I think prices in Romania will become much moreindependent from foreign trends," said Isărescu on Friday night atthe ceremony where he received the Legion of Honour from thePresident of France, presented to him by the French ambassador, ina ceremony organised at the French Embassy in Bucharest.
Asked if the appreciation of the leu is justified by economicfundamentals, Isărescu answered that up to 3-4% fluctuations of theexchange rate should not be paid attention to. However, thefluctuation band specified by the governor is quite wide. Startingfrom the 4.26 lei/euro exchange rate recorded at the end of lastyear, a plus/minus 4% band would correspond to a 4-4.4 lei per eurointerval. This in fact has been the band of fluctuation for theexchange rate from the beginning of 2009 until now.
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