IMF: Romanian banking system has done well

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Romanian banking system has done well despite financial crisis evolutions and we are glad that all the ten foreign banks present in Romania maintained their exposure there, said head of the International Monetary Fund (ImF) Jeffrey Franks.

He said that the convened reforms with the banking system and Romania’s National Bank in terms of reserve, monitoring and monetary policy continue in line with the convened terms.

However, the National Bank must remain cautious due to some eventual pressures upon the exchange rate, added IMF mission head Jeffrey Franks.
IMF supports Romania’s National Bank in its approach to gradually relax the monetary policy, underlined Jeffrey Franks. We support BNR in its approach to relax the monetary policy.

BNR must remain cautious following the inflationary pressure and likely deviation of the exchange rate, explained Franks.

He stressed that, from the monetary policy standpoint, IMF appreciates that BNR foreign currency reserve rose, and that the mandatory reserve requirements and interest rate dropped, creating the possibility of a relaxation when the time will come.

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