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BNR's Isarescu: I don't believe Romania still needs another financial agreement with IMF

Governor of the National Bank of Romania (BNR) Mugur Isarescu believes Romania no longer needs a new financial agreement with the International Monetary Fund (IMF).

'I do not believe that after the ongoing agreement is over Romania will still need another financial agreement with the IMF, because the IMF funding is for consolidating international reserves and boosting credibility abroad,' Isarescu told Saptamana financiara in a recent interview, adding that Romania has now a level of reserves that is more than adequate.Isarescu also said the central bank of Romania will have to brace up for 'the second-round effects of the austerity measures.'

'BNR has to be in stand-by. The reaction of the Romanian economy so far, at a macroeconomic level not a social one, to the austerity measures has been positive. The price rises were below our expectations. BNR has to brace up for second-round effects,' said Isarescu.