BNR reacts to the statements made by Darius Valcov: We recommend him, if he has evidence, to address the competent authorities

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The National Bank of Romania (BNR) has reacted on Monday to the statements made by Darius Valcov, economic adviser to Prime Minister Viorica Dancila, by saying that he has problems in understanding the management of international reserves and the so-called losses, according to the institution’s spokesman Dan Suciu.

Suciu said that:

  1. In 2017, BNR has achieved high profit, mainly due to the proper administration of the international reserves, of RON 1,441,659 thousands, with an operational result of RON 946,889 thousands and profit of the financial exercise of RON 186,715 thousands.
  2. BNR has registered profit in each financial exercise in the past ten years.
  3. Darius Valcov has selected one figure from the Annual Report on 2017, regarding the administration of international reserves and the BNR’s financial position, believing that the figure on page 166 of the Report, of minus EUR 80 million, as the result of managing the international reserves. The interpretation is totally wrong, if not manipulative, and could have been avoided if Mr. Valcov had read the note explaining what the figure is about. The figure is the result of the negative yield result generated by the liquidity profit.

“In regard to insinuations regarding the existence, at the BNR, of ‘another kind of correspondence with persons and rating agencies, which do no good to Romania; in another country those persons would have been charged for treason’, we recommend Mr. Valcov to address, if he has evidence, the competent authorities, so that he does not make it hard for his already difficult judicial situation, by concealing so-called patriotic truths,” spokesman Dan Suciu said.

On Sunday, Darius Valcov, economic adviser to Prime Minister Viorica Dancila, has had tough words against the BNR leadership, pointing to the alleged poor results in administrating the state reserves amounting to EUR 36 billion.

“Some believe they are smart and that they are appointed for life in some positions. I want a new team made up of true patriots to lead the BNR,” Valcov said for Antena 3 TV private broadcaster Sunday evening. If not, Romania will not succeed in rising its head from the dirt, de added.

The statements were aimed at BNR Governor Mugur Isarescu, who is in office since September 1990, his current term end in May this year.

He added that is Romania should take loans of EUR 33 billion, the equivalent of the reserves, it would have to pay EUR 1 billion, however, by administrating the reserves, BNR has obtained in 2017 a minus of EUR 80 million.

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