The National Bank (BNR) will continue to apply a cautious monetary and currency policy, the BNR governor Mugur Isarescu declared Saturday at the meeting of the Association of the commercial bank leaders – Forex Club Romania.
"The premature relaxation of the monetary, currency and fiscal policy is not proper. We want to ensure a a dynamic equilibrum between the decreasing inflation to 30% per year and the adjustment of the balance of payment unbalance, which are also important", Isarescu mentioned.
Isarescu also emphasised that it is very important for the monetary policy Romania’s acceptance of article VIII within the IMF status. Once it will completely liberalize the currency transactions in the current account according to article VIII, Romania will become more credible, its market beginning to work normally.
"The great gain of the macro-stabilization program for 1997 is the normal working of the currency, monetary and capital markets", Mugur Isarescu concluded.

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