Romania’s National Bank Governor Isarescu: I am 70, not considering another term

Asked whether he will seek another mandate as Governor of the National Bank of Romania (BNR), Mugur Isarescu said the will not do so, citing his age.

“I cannot do it anymore. I am 70, aren’t I?” The question is not a relevant one. What is relevant is the strength of this institution. Its credibility is essential. Apart from interest, currency exchange, minimum reserve and working with the markets, credibility is the main instrument we work with,” BNR’s governor said.

The BNR governor addressed the press and argued that the credibility of his institution has been jeopardised after certain broadcasters dod not allow BNR representatives to intervene. “When there is a TV program and at 12 pm the National Bank issues a statement saying ‘the gold reserve of the National Bank is 103 tons’ and int he evening there is an entire scandal, they make a two-hour program [saying] that 40 tons of gold have disappeared, our people enter the debate and on the other side they do deliberate jamming,” he argued.

He also stressed that the BNR is not an institution that has a boss, but is ruled by a Council of Administration.

Isarescu’s term ends in 2019.

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