» The national currency recorded the lowest exchange rate against the European currency
7:54 PM <14px style="font-size: 14pt;">The national currency recorded the lowest exchange rate against the European currency14px>
>>> Bank expert: There is no disaster in the foreign exchange market
By Andra Beltz
The National Bank of Romania (BNR) announced a reference exchange rate of 4.6551 lei / euro, the lowest level recorded by Romania's national currency.
In the last few days, all sorts of assumptions about this situation have circulated and continue to be publicly exposed. From the hypothesis of a high political official who sees an attack on the national currency, to harsh criticism of Giuvern's fiscal policy.
The National Bank of Romania does not get caught up in an unnecessary debate, as the volatility of national currencies is on the order of the day on several stock markets.
However, today, the representative of the largest bank in Romania presented a very clear point of view: "Volatility of the exchange rate is induced by noise. There is no disaster in the foreign exchange market "". "The volatility of the exchange rate we see is very much induced by noise, and if we look at other emerging economies we will see much more volatility," said Sergiu Manea, Executive President of Banca Comerciala Romana (BCR), on Tuesday that there is no disaster on the foreign exchange market.
"The volatility of the exchange rate we see today is very much induced by noise. It's actually a noise. We are talking about a 1% exchange rate depreciation, as the emerging market currencies in the countries around us ... fluctuate in far more than 1%. ... So before we publish in very large letters 'disaster on the foreign exchange market' and so on, we should put things in perspective. There is no disaster on the foreign exchange market, "Sergiu Manea said at a conference organized by ALB Romania.
As far as the interest rate reference rate is concerned, the representative of BCR considered that it had an "aggressive evolution". Thus, the reference rate was 4%, it fell to 0.5% and 1% and it was thought that it was the new 'normal'.
In turn, Alpha Bank Chairman Sergiu Oprescu pointed out that the ROBOR increase could lead to discouraging lending.
'The rise in the basic interest rate in an environment where the basic interest is taken into account for the general lending rate is a factor for the slowdown in the lending rate. There is no doubt that an increase from a ROBOR of 0.8% to a ROBOR of 2% will automatically lead to a lower credit rating per person and as such will discourage, in a certain proportion - it must be seen in what proportion - but it will discourage to a certain extent the pace of lending that has accelerated in the last period, "said Sergiu Oprescu.
However, Oprescu stressed that 'this is not necessarily a negative thing'.
Also, in his opinion, communication lately is not a negative thing, because both the customers and the entire business environment are aware of a risk that has been discussed for some time.
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