Mugur Isărescu says that the euro would have reached 4.4 lei without market intervention.

The National Bank of Romania (BNR) provided the first explanations after the euro increased by almost 3%. Mugur Isărescu, the governor of BNR, stated that the bank did not maintain an artificial exchange rate and intervened in the market by buying foreign currency, thus avoiding the appreciation of the leu. Without these interventions, the euro would have reached 4.4 lei, which would have been beneficial for Romanians with payments in euros, but would have had serious consequences for the economy, including losses for exporters and increased inflation. Isărescu acknowledged that interventions have been reduced recently, and the exchange rate seems to have found a balance. Experts warn that inflation could reach 11%, and Romanians are becoming more cautious in spending. BNR estimates an inflation rate of 5.5% by the end of 2026 and 2.9% in 2027, suggesting that market stabilization could take several months.