President Criticizes Ruling Party Over Currency Hitting Record Low Against Euro

Romanian President Klaus Iohannis criticized the country’s ruling Social Democrat Party (PSD) on Tuesday after the Euro hit a new record high exchange rate against the Romanian Leu (RON), stating that the party “is really bad at economy and governing”.

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The Romanian head of state, speaking in Aachen at the signing of new French-German treaty, also said that the exchange rate posed reasons of concern for the country’s economy.

“Of course there are reasons for concern. I said it before and I don’t like it, but again, PSD is really bad at the economy and PSD is bad at governing, and the result is shown in the exchange rate and in many other data which show that things are not working as they should and as Romanians want,” Iohannis said.

The RON/EUR exchange rate reached a new historical high on Tuesday, with 1EUR selling for RON4,7142, a 0.13% increase over Monday’s rate. The Romanian currency has been constantly losing ground against major international currencies since the beginning of the year. Last week, the RON lost between 0.1% and 0.2% against the Euro in four out of five week days.

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