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Romanian leu tumbles to 16-month low against euro

23/11/2007

BUCHAREST, Romania -- The leu has tumbled by 15% in recent months to a 16-month low of 3.6000 per euro on Thursday (November 22nd). The local currency began depreciating after hitting a five-year high of 3.0870 in July. Analysts in part blame the government's failure to address economic imbalances. On Thursday, Central Bank Governor Mugur Isarescu sought support for the Bank's monetary policy through wage and fiscal restraints. He said it would be impossible to keep long-term inflation under 10% should salaries outpace that rate. He also warned the economy could overheat. (Romania Libera, Cotidianul - 23/11/07; Hotnews.ro, Reuters - 22/11/07)

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