Romanian Central Bank Admits Intervention to Curb Currency Fall

Romania's central bank intervened in the second half of January to curb the rapid depreciation of the Romanian leu to the euro, central bank governor Mugur Isarescu said Thursday.

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“Any turmoil comes at a cost. That movement did not surprise us but it was very dangerous and happened overnight. (…) It was not an easy time. I admit. I can't deny intervention because it is too obvious,” Isarescu said at a press briefing following the central bank's monetary policy meeting.

In the second half of January, the Romanian leu lost 1.5% to the euro, to a record low of more than 4.76 lei to the euro. The local currency also depreciated against the US dollar and the Swiss franc.

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