Govt okays ROL/EUR benchmark

The Government agrees with the National Bank of Romania’s (NBR) plans to introduce the euro as the benchmark currency, because it shall not impact on the macroeconomic indices for 2003, government spokesman Claudiu Lucaci stated. The NBR Governor Mugur Isarescu attended last week’s Government session to present the central bank’s plans to introduce the euro as the benchmark currency. “A face to face discussion between the NBR Governor and the Cabinet members was needed to avoid any rumours about contradictions or differences,” Lucaci explained. Isarescu announced two weeks ago that the change in the benchmark currency from the dollar to the euro would be done on the first business day of March (Monday, March 3) and would entail NBR interventions on the ROL/EUR rates only. The ROL/USD rate will be set according to the EUR/ROL rate and the EUR/USD rates in effect in a particular day. ZF