FinMin Florin Georgescu: Under no circumstance will euro reach 5 lei level this year

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Under no circumstance will euro reach 5 lei per unit this year, Vice Premier and Finance Minister Florin Georgescu said on Wednesday.

When asked if the euro exchange rate would reach five lei this year, Georgescu said: ‘Under no circumstance.’

He explained the leu decline as being caused by the developments in Greece, which also affected other states in the region.

‘There have been developments in the sense of decline, which are specific to the entire Central and Eastern Europe area. The Romanian economy, from the macro-economic point of view, is stable, predictable, but certain developments mainly in Greece worried some investors, businesspeople, who had different assets in this area and decided to move their investments in another area,’ National Bank of Romania (BNR) former first vice governor Florin Georgescu explained.

The Finance Minister gave guarantees that ‘things were under control’ concerning the leu.

‘Things are under control, the Polish zloty, for example, had a much worse evolution than the leu. The leu has not declined very much compared with three weeks ago, so I may give a reference point, compared with other countries, but also with itself, as the macro-economic grounds in Romania are much healthier than those of other countries in our area. On the other hand, the Ponta Government maintains its firm commitment to completely observe the measures negotiated in relation with the international financial institutions,’ Florin Georgescu also showed.

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