Isarescu: Romania to see rising living standards again in 1-1/2 years
The rise in the Romanian living standards will be resumed in one and a half years, the governor of the National Bank of Romania (BNR) Mugur Isarescu told a Central and Eastern European Financial Forum held here on Thursday.
He explained that the other four components of the crisis had already been overcome in Romania – the country had overcome the toughest points in terms of the exchange rate, the balance of payments, the inflation (as a cost of the adjustment of the current account deficit) and the capital liquidity crisis.
The central bank head explained that the economic crisis in Romania is V-shaped, i.e. it doesn’t last long at its lowest point; the lowest point was recorded over Nov. 2008 – March 2009, he added.
Isarescu warned, however, that should a fresh escalation of the wages begin, the current exchange rate would no longer be one to provide balance.