Minister of Finance: Euro will not reach RON 5 this year
The public finance minister, Florin Georgescu, has said that he does not believe the Euro will reach RON 5 this year, given that the national currency has depreciated less than other currencies in the region and the macro-economic fundamentals of the country are healthy July 2012 - From the Print Edition
During a press conference at the government building, he said that the BNR governor, Mugur Isarescu, was right to dismiss the forecasts of EUR 1 to RON 5.
Isarescu said that current projections of the rate reaching RON 5 per EUR 1 if “something happens in Greece” are flawed, as the central bank will not allow such a level because the dollar has strengthened so much against euro, and it would strongly affect the economy.
However, Misu Negritoiu, ING Bank Romania general manager, says the exchange rate might approach RON 5 per EUR 1, whether Greece remains in the Euro zone or not, and that pressures on the Euro and the currencies in the region will continue in coming years.
The ING chief warned that although Europe’s most pressing problem is Greece, weaknesses are found in all countries in Southern Europe and in all peripheral states. Negritoiu believes that although the situation may be controlled, the dialog will continue and without rapid improvement, the pressures on the euro and the currencies in the area will continue.
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