Romanian central bank 'working to improve economy'

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ROMANIAN CENTRAL BANK 'WORKING TO IMPROVE ECONOMY'

Friday, 23 Nov 2007

All efforts possible are being made to tackle inflation in the Romanian economy, a leading bank official has said.

Mugur Isarescu, governor for the country's central bank, has sought to reassure investors following inflation of the leu, which hit a five-year high against the euro in July, reports the Guardian.

Turbulence in the money markets has existed all over the world in the last three months, which has had an effect on Romania's currency, he explained.

"Investors … need to know that the central bank will work with all intelligence to diminish [its] negative effects," Mr Isarescu said.

His comments come as one euro is currently equivalent to 36,095 leu and central bank officials have recently called on the government to tighten fiscal and wage policies, the article notes.

Romania's gross domestic product growth is expected to fall from a predicted 5.8 per cent rate in 2007 to between five and 5.5 per cent in 2008-09, the Economist predicts.

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