The NBR (National Bank of Romania) could not spend its reserveto pay wages and pensions, as some have suggested, because it isessential towards ensuring exchange rate stability, governor MugurIsărescu said yesterday.
"One does not understand that the reserve is meant to ensureexchange rate stability. It appears to be a given, similarly tohealth. You start to realise how important it is when you don'thave it any more, when a disease takes hold. More often than not,it's too late when that happens," said Isărescu at the end of aseminar organised at the NBR, centred on a study on boostinginstitutional ability to manage the business world, conducted bythe Romanian Centre for Economic Policies, the Group for AppliedEconomics, and Deloitte consultancy.
The NBR's foreign reserve amounts to almost 32 billion euros,4.6 billion euros higher than in October 2008, when the financialcrisis first emerged on the Romanian market.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
