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Isarescu: BNR did not sell 11 billion euro as shown by some analyses

BNR did not spent 11 billion euro by selling foreign exchange in the market in the last years, BNR governor Mugur ISarescu explained when ING Bank published a report mentioning the amount. The BNR governor explained that the central bank did not spend 11 billion euro by selling foreign exchange in the market.“This year we bought in February-March and sold the following months. What did we have in view? The control of liquidities,” Isarescu said at the conference Romanian Financial Forum organized by Mediafax and the National Bank of Romania.

ING Bank said that BNR intervened in the currency market in September to help the exchange rate and avoid the depreciation of the leu. ING Bank Romania analysts estimate that the amount used by BNR in interventions is between 400 and 900 million euro.“The volume of currency reserves which do not represent loans dropped from 14 billion euro in September 2008 to 4.2 billion euro at the end of September 2010 (the latter amount includes the general allocation of DSR in August 2009 – about 900 million SDR). This evolution suggests the fact that BNR sold about 11 billion euro in this period of time,” the ING report explains.

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