Isărescu: Those who focus entirely on the exchange rate are wrong

NBR governor Mugur Isărescu yesterday discussed the exchange rate for the second day running, continuing to reject the notion of a depreciation, increasingly demanded by businesspeople in order to fuel an economic rebound. He argued that the NBR (central bank) needs to also keep an eye on banks' stability, leaving it entirely in the hands of the Government to support the economy.

He said the exchange rate was almost an obsession with Romanians and said those who venture to read into NBR's operations and only focus on the exchange rate are wrong.
"There is no doubt in my mind that the exchange rate is almost an obsession with Romanians. The media is doing its job. But at least the messages should be accurate. Regardless of what I say here, they still focus on the exchange rate," Isărescu said.
Lately a series of opinions have emerged, voiced by both businesspeople and analysts, demanding that the NBR cheapen RON-denominated loans even at the risk of a supplementary depreciation of the exchange rate in order to help the economy.