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Romania's economy will turn around and show growth in the third quarter or fourth quarter at the latest, said Central Bank Governor Mugur Isarescu.
The U-turn is already noticeable in the industrial production, which reached its lowest point in February-March this year.
"I agree with other bankers who said the only way to go for the Romanian economy from now on is up," said Isarescu. "However, I cannot predict the speed of that recovery," he added.
He warned that banks should do more to help their clients do business and cautioned for paying more attention and being more flexible in that direction, while reminding that the fracture between the evolution of the economy and that of the banking system occurring in the fourth quarter last year was due to the way mother-companies managed their business with the subsidiaries in Romania.
Isarescu added that Romania showed that it was not generating credibility, since it had to borrow 20 billion from the IMF and the EU. "A country able to generate credibility should be able to act in tough moments, and not rely on international financial institutions," Isarescu said.
Translation: AAP
