|  08.01.2013

Isarescu: Fiscal policy of the central bank to rely on discipline and prudence in spending public money

Fiscal policy in 2013 will be normal, based on fiscal discipline, and adjustment will not be continued, said on Monday the Governor of the National Bank of Romania, Mugur Isarescu, in a press briefing held on the occasion of the first monetary policy meeting of 2013.

Mugur Isarescu, Governor National Bank of Romania

'The monetary policy will be a normal one. The mix is to be one of normal policies ' Isarescu said.

'The monetary policy will follow what happens in the field of inflation and will calibrate all instruments at our disposal. In the second half of last year we did not use the monetary policy rate, but more liquidities control. Without trying to make forecasts, that's not our policy, I can say that we will seek to use effectively, wisely, all means available. Agreements with international financial institutions remain in the general framework ', Isarescu pointed out.

Prospect of ending current IMF accord probably positive

The prospect of positively ending the accord Romania has with the international financial institutions offers a good framework for co-working in 2013, National Bank of Romania Governor Mugur Isarescu told a news briefing yesterday.

'For the moment, we must end this accord with the International Monetary Fund. The fact it will be discussed in January and it faces the prospect of probably ending positively in the first half of the year offers a good framework for co-working in 2013. I cannot say anything about a fresh agreement, it is not usual to speak of a new one before we conclude this one', Isarescu said.

An International Monetary Fund delegation headed by chief negotiator for Romania Erik de Vrijer will arrive in Bucharest on Jan. 15 for the 7th and 8th assessment of the Stand By Agreement closed with Romania.

The IMF delegation, to visit Bucharest together with European Commission and World Bank experts, will examine the recent economic developments and the prospective ones, the 2013 budget, the progress on the structural reforms and the money policy.


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