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Romania’s Ctrl Bk Intervened To Temper Leu’s Fluctuations – Governor

Romanian central bank governor Mugur Isarescu said Tuesday in a seminarthat the central bank took measures last year to temper the leu’s sharp variations, adding the leu could have traded within a wider range.
Romania’s Ctrl Bk Intervened To Temper Leu’s Fluctuations - Governor
08 apr. 2008, 15:44, English

“We have tempered this volatility as much as we could. You can find the proof in the economic reports of the big international players, which indicated wider ranges for the leu,” Isarescu said.

However, the banker did not give any examples of such measures used to restrain the leu’s fluctuation, but said that the leu would have touched the levels indicated by the international reports, namely RON2.7 to the euro in last year’s spring and RON4 to the euro last year fall,  had it not been for the measures.

“We didn’t aim to stabilize the exchange rate, for the simple reason that we couldn’t,” Isarescu said.

The Romanian leu depreciated 11% against the European currency to RON3.67, from last year’s summer exchange rate of RON3.1.