Mugur Isărescu warns that there are large gaps in the financial education of the population. ROBOR, “the great enemy of Romania”
The Governor of the National Bank of Romania (BNR), Mugur Isărescu, warned, during the Financial Education Forum held on Monday, April 20, that there are large gaps in terms of education and understanding of issues at the public level.
Governor of the National Bank of Romania (NBR), Mugur Isărescu PHOTO Inquam Photos / George Călin
Mugur Isărescu stated, at the opening of the Financial Education Forum with the theme “Financial Education: The interface of cohesion between providers and users of financial products”from ASE Bucharest, that in terms of the financial education of pupils and students, the progress is good.
“If I were to take stock, I would say that the results are good. But, obviously, they are not enough. We still have an important way to go. And we must not get drunk with cold water here, at least from the National Bank, a long way to go in relation to the complexity of the current realities, but also in relation to the existing gaps, which require a better coordinated and more efficient effort.
And if in terms of the education of pupils, students, the progress is even better, I would say that in terms of education and understanding of problems at the public level there are gaps, to be delicate in expression, big, big gaps. Misunderstandings and confusion persist in the public discourse regarding, for example, the role of banks, the role of the central bank, how it works”stated Mugur Isărescu.
The Governor of the BNR gave as an example the discussion about ROBOR, which, in his view, “it disturbs the Romanian society and I realize how dangerous this whole discussion is”. According to him, ROBOR is considered Romania's great enemy.
“After so many years, let's say the ROBOR – which is the indicator of the money market (…) The three-month ROBOR is the one according to which credit is established for borrowers, commercial banks… Maybe it was said that it is not good, it was passed to the IRCC. If it is not good even now, brothers, do another one, so to speak. But leave the ROBOR to us because we cannot function otherwise. How can we say more clearly about these confusions and ambiguities? It takes poor ROBOR from morning to night and makes him the great enemy of Romania”he also transmitted.
He stated that another theory circulated in the public space is that the only role of commercial banks is to give loans.
“Zău? What about the payments? There are 300 thousand payments that are made in Romania every day – 300 thousand. Each bank has between 10-20 thousand of the 10 that participate in ROBOR. 10-20-30 thousand daily payments. Well, the first thing that appeared about 35 years ago about a terrorist attack was “block the payment system”. It is part of the arsenal the hybrid war. And who is in charge of the banking system, no one else is in charge”Mugur Isărescu also affirmed.
