Romania’s Curr Acct Gap, Foreign Debt See Positive Evolution - Ctrl Bker

Romania's current account deficit and external short-term debt saw a positive evolution in the first six months, leading to a stable exchange rate, central bank governor Mugur Isarescu said Thursday.

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“The external economic fundamentals that led to sovereign rating downgrades and put pressure on the exchange rate have seen a visible improvement,” Isarescu told a news conference.

Isarescu said the current account gap is over 100% financed from foreign investments, which leads to a surplus on the forex market.

“We are being prudent, because we live in a world in which capital flows, hedging operations can dominate the market at one given moment,” the central banker said.

He reminded Romania’s current account gap is likely to narrow by the end of the year.

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