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Isarescu aims to restore investors' confidence
Mugur Isarescu, governor for Romania's central bank, has sought to reassure investors on the inflation of the country's leu currency.
As reported by the Guardian, the leu hit a five-year high against the euro but has fallen 15 per cent against the currency since and currently stands at 36,095 leu to a euro.
He stated: "Investors … need to know that the central bank will work with all intelligence to diminish [its] negative effects."
Mr Isarescu's comments come as strong consumption and investment in Romania is expected to result in a gross domestic product (GDP) growth rate between five and 5.5 per cent in 2008-09, according to figures Economist predictions.
Events in the world highly influence the currency market and Mr Isarescu explained that turbulence has existed on a global basis over the last three months.
Industry experts have recommended the government should tighten fiscal and wage policies in order to help economic productivity and competitiveness, the article notes.
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