Romanian Leu In Danger If Romania Does Not Comply The IMF Agreement - Ctrl Bker

The agreement between Romania and the International Monetary Fund will aid the country’s economic stabilization, but can also be a danger, especially for the leu exchange rate, if the local policies do not respect IMF’s requirements, said Lucian Croitoru, an adviser of the central bank governor.

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“A signal that we do not fulfill the agreed policies can make financial markets very irascible,” Croitoru said Tuesday during the "Mediafax Talks about Business Solutions to Crisis" seminar.

The stability of the Romanian leu’s exchange rate is preferred by all market players and the stability signal sent by closing the IMF agreement can turn into an extremely negative one if the accord is not concluded, Croitoru said.

The central bank official also said that Romania’s current vulnerabilities are the large indebtness degree and a weak currency that can be attacked anytime.

“Sticking to the euro area entry calendar is the key to success,” Croitoru also said. Romania plans to adopt the European currency in 2014.

The leu rose for several sessions in a row on a positive sentiment due to the loan agreement with the International Monetary Fund, as the other emerging currencies fell against the euro.

Romania and IMF agreed last week on an economic program supported by a EUR12.95 billion loan under a two-year stand-by arrangement. The total value of the financial package that includes a EUR5 billion loan from the European Union, and an EUR1 billion loan from the World Bank is of EUR19.95 billion.

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