Stronger ROL hurts exporters

The National Association of Exporters and Importers of Romania (ANEIR) believes that the ROL appreciation caused by the less frequent interventions from the central bank on the forex market was responsible for the losses of one billion euros incurred by exporters. According to the ANEIR, the members of the association anticipate the cash flow problems of the above-mentioned companies could send 25% of Romania’s work force into unemployment. “More than one million employees working in the export business may lose their jobs soon,” the release shows. At the same time, the ANEIR management says the activity of the exporters was also adversely affected by the high interests on loans charged by commercial banks. The Exporter Association says that these are obstacles for the investment process that would allow narrowing the competitiveness gaps between Romanian and foreign companies and covering the exchange rate differences. ZF