Loading ...The National Forecast Commission (CNP) might revise upwards the 2008 targets for key macroeconomic indicators, on the background of the leu’s depreciation, the increase in the 2007 inflation rate and the widening trade and current account deficits, CNP president Ion Ghizdeanu told Rompres.
“We might revise our exchange rate projections. We are waiting to see the evolution over the last months, for the final data for 2007 from the National Statistics Institute (INS). Signals exist that the trade and the current account deficit will also be adjusted. Yet I am confident that we will attain our inflation target and that the exchange rate will reach a sustainable value,” said Ghizdeanu.
In his opinion, the depreciation of the local currency, the leu, in the last days could be the effect of market speculations, but adds that an average oscillation of +/- 15 percent against the annual median is normal.
“Exchange rate oscillations within a margin of +/- 15 percent are normal. We had such fluctuations in the previous years too,” added Ghizdeanu.
CNP forecast for 2008 an exchange rate of 3.30 lei for one euro, an annual inflation rate of 4.5 percent, a current account deficit of 13.6 percent of the GDP and a trade deficit of 21.1 billion lei.
The leu hit on January 14 a new low against the euro and traded for 3.7106 lei (up 4.5 bani against the exchange rate on January 11). The 2007 annual inflation rate was 6.57 percent as to the initially estimated 4 percent.
The leu hit on January 14 a new low against the euro and traded for 3.7106 lei (up 4.5 bani against the exchange rate on January 11). The 2007 annual inflation rate was 6.57 percent as to the initially estimated 4 percent.
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