Romania has a sufficient buffer to face any funding pressure, FinMin Citu says

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Romanian Finance minister Florin Citu told Bloomberg that Romania has a sufficient buffer to face any funding or exchange-rate pressure.

“We have an optimum size buffer” of foreign reserves, Florin Citu said in an interview from Brussels on Wednesday. “If we need it, we’ll step in the market and use it,” he said, declining to detail on the amount of cash available.

Questioned why the new government doesn’t just call off the 40% increase in pensions voted by its predecessors, Citu said “next year is an election year, we have two elections.”

After coming to power, the Liberal Government accused their predecessors from PSD of poorly managing the country’s finances, with Florin Cîţu arguing that the situation of the country’s budget and economy exceeds the most pessimistic expectations. He accused that the economy has been led on two budgets in the past 3 years, the one presented in Parliament and the second one, which had been used to finance the local barons.

“It’s exactly the method used by Al Capone to have two registers, one for him, and the other one for IRS,” Citu used to say in early November.

In retort, PSD announced they will file a simple motion against the Liberal FinMin.

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