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Romania: Bank Chief Opposes Foreign Investors In T-Bill Market

Kyiv, 10 May 1998 (RFE/RL) - Romania's central bank chief said today that he opposes opening the country's treasury bill market to foreign investors in the near future.

National Bank Governor Mugur Isarescu said Bucharest must first tame inflation, which stood at 151 percent last year. He said the rapid movement of money in and out of the country also must be brought under control. Isarescu also said he thinks a sliding exchange rate corridor should be introduced in about six months time.

The central bank chief made the remarks at the board meeting of the European Bank for Reconstruction and Development in Kyiv. He said any decision to open the domestic bond market to foreigners ultimately must be made by Finance Minister Daniel Daianu.

Daianu suggested to EBRD delegates that he would heed Isarescu's advice, but added: The challenge is not to say, but to do.