Loading ...The Romanian banking system is less vulnerable to the international financial crisis because it has solid capitalization and exposure exclusively on the local market, said BNR governor Mugur Isarescu.
However, the head of BNR recommended bankers to be prudent and consider a slowdown in the economic growth in the future.
However, the head of BNR recommended bankers to be prudent and consider a slowdown in the economic growth in the future.
The head of the Central Bank explained the most important challenges the Romanian banking system has to cope with are the responsible evaluation of risks in the banking activity and the rigorous training of the workforce in this field.
Isarescu expects the critical phase of the crisis to be followed by a less spectacular period, in which the central banks will drain the liquidity injected in the market, and the national and international organizations will propose measures to avoid the crisis in the future.
He dismissed the scenarios of some analysts that anticipate the situation in the Baltic States will occur also in Romania, saying there is a major difference between the currency board or a policy very close to it and the inflation-targeting policy of BNR. He repeated the estimate of 8-9% for this year’s economic growth, as in H1 2008 the growth of GDP stood at 8.8%.
Isarescu added the inflation rate is in decline and it may stand at 6% at the end of the year.
Isarescu added the inflation rate is in decline and it may stand at 6% at the end of the year.
Romania ranks 5th in a classification of the 27 EU states in terms of annualised inflation rate in August, and the level of 8.1% recorded locally surpassed by almost twice the EU average of 4.2%, according to Eurostat data.
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