This month's decision by Romania's central bank to keep interest rates on hold did not mark a change in policy, it has been revealed.
Speaking to Reuters, Cristian Popa, deputy-governor of the bank, explained that while the move defied expectations, it was not necessarily a signal of further freezes to come.
He said: "The measure was a hold and not necessarily a change in the expected trajectory of interest rates ... It's not meant to signal a turnaround in the trend so far."
Mr Popa also claimed that the bank's rate setting action along with a correction in Romania's trade deficit now mean that it is highly unlikely the leu will have to be devalued as some had feared.
However, the country is still gripped by political turmoil and it seems highly unlikely that this will be resolved before the forthcoming presidential election.
The first round of voting is set to take place on November 22nd.
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