Wimmer, BCR: I fully trust Romanian economy

Romania will have no trouble financing its current account deficit, which is likely to start adjusting as of 2010, whereas its international reserves, worth over 27 billion euros, are comfortable enough, exceeding the level reached by the other countries in the region, according to Manfred Wimmer, CEO of BCR (Romanian Commercial Bank). Wimmer says foreign analysts should consider the macroeconomic situation separately from what is happening in neighbouring countries. “Romania deserves a dedicated analysis and must not be pigeonholed with the Baltic countries and with Bulgaria. Many times analysts merely discuss the figures, without looking at what is behind them, trends, specificity, which results in a bleaker picture than the actual situation,” says Wimmer. The head of the BCR believes the recent pessimistic assessments – coming from the IMF, rating agencies and investment banks – regarding the macroeconomic imbalances, could hurt foreign direct investment, generating concern abroad. He also says the Executive has been too preoccupied with its domestic political agenda, neglecting communication with the other countries and failing to explain economic evolutions to them. As for the RON’s evolution, Wimmer says he was more concerned about the RON’s rapid appreciation last summer, which hurt exports and directly fuelled the foreign deficit, than he was by the adjustment which started in autumn.