The central bank of Romania to take every measure to prepare the country for entry into the Eurozone

The Central Bank of Romania (BNR) will continue to take all the required measures for the Romania to join the Eurozone in 2014, BNR's chief economist Valentin Lazea said.

Two years ago the BNR in conjunction with the government set out a timetable for Romania's Eurozone entrance. The target was decided for 2014, as the two institutions considered they would have enough time to meet all the fiscal and monetary requirements.

However, Lazea noted that 2007 was not a good year regarding the efforts made towards reaching the 2014 target. The BNR is currently trying to control inflation, as it missed last year's 4% target. Romania registered a 6.57% inflation rate at the end of 2007.

The BNR has not yet started to sell from its foreign currency reserves in order to temper the exchange rate but such a move is anticipated. The BNR could also increase interests for the Leu, in order to make it more attractive, Lazea noted.

The central bank is also giving due attention to the current account deficit, which increased to 52% in 2007.