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Isarescu to personally supervise exchange rate interventions

16.11.2009, 20:00 15

Governor Mugur Isarescu chose to personally take oversupervision of forex and monetary market operations, a departmentpart of the portfolio of former deputy governor Eugen Dijmarescu inthe past, who was surprisingly replaced with Bogdan Olteanu asvoted by Parliament.

From this position, Isarescu will directly supervise exchangerate interventions, cash injections on the monetary market, as wellas the management of the over 28 billion-euro foreign exchangereserve and the placement of the almost 104 tonnes of gold that theNBR owns.

After Olteanu became a member of the Board of Governors, theinternal structure of the National Bank of Romania was reorganised,although out of the four executives, three had also been members ofthe team that ended its term in October.

Olteanu, 38, a lawyer by trade, is now in charge of thestatistics and information technology services (supervised byDijmarescu in the past), and of the legal department (from GovernorMugur Isarescu), which only entail data processing. The departmentsthat require specific knowledge, such as market operations andfinancial stability were reassigned to other people, so as to avoidexposing Olteanu to too many technical details.

At the same time, the NBR set up a legislative harmonisationcommittee, supervised by Olteanu. The committee's job will be torevise the regulations issued by the NBR so far, but it will alsohave to prepare the legal details in view of euro adoption in early2015.

Financial stability, another major department supervised byDijmarescu in the past was taken over by deputy governor CristianPopa, who also kept the monetary policy and international relationsdepartments, which he got from the previous terms.

First deputy governor Florin Georgescu, now at his second term,kept his portfolio, supervising some of the most importantdepartments of the NBR - Supervision, Regulation and Licensing,Accounting, Issue and Treasury, as well as the Financial CrisisManagement unit.

The assignment of the supervision of the various departments wasdecided by the Board of Governors in its meeting at the beginningof November, when the monetary policy was debated, as well. The NBRhas not made its new organisational chart public yet, because theHR is still working on it, fine tuning the technical details.

Isarescu, now at his fourth term as governor, is specialised inexchange rate policies, having written a doctoral paper on thesubject in 1989. Last autumn, during the attack of the foreignspeculators against the RON, Isarescu personally oversaw NBR'sexchange rate interventions.

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