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  2. Economy

The governor of the BNR, Mugur Isărescu, rejects the hypothesis of artificial maintenance of the exchange rate, stating that the Bank has bought foreign currency.

Călin Nicolescu
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19 May 2026, 10:53
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Mugur Isărescu, the governor of the National Bank of Romania, stated that the exchange rate has not been artificially maintained, highlighting the increase in international reserves by 40 billion euros in the last five years. He explained that the BNR intervened in the market, buying foreign currency to avoid the appreciation of the leu, especially through purchases from the Ministry of Finance.

Isărescu emphasized that if the Ministry had sold the surplus foreign currency directly in the market, the exchange rate could have reached 4.4. He also compared the situation with the Central Bank of Hungary, which is facing an appreciation of the forint. Isărescu mentioned that the BNR's interventions have been much lower recently, and the exchange rate seems to have found a level of equilibrium. He highlighted the importance of political stability and fiscal correction for maintaining balance in the market.

Sources

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Financial Intelligence
Isărescu: Nu am ţinut cursul artificial şi asta se vede din evoluţia rezervelor / Am intervenit pe piaţă, cumpărând valută / Spre deosebire de aprilie-mai anul trecut, intervenţiile astea au fost mult mai mici acum
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Capital
Mugur Isărescu estimează o inflație maximă de 11% anul acesta. BNR: Investițiile externe, singura soluție împotriva declinului economic
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NewMoney.ro
Mugur Isărescu, guvernatorul BNR: Nu am ţinut cursul artificial şi asta se vede din evoluţia rezervelor / Am intervenit pe piaţă, cumpărând valută
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Digi24
Mugur Isărescu respinge acuzațiile privind un curs euro „ținut artificial”: „Dacă vindeam masiv valută, cum mai creșteau rezervele?”

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