US EditionCrises Do Not Begin when Problems Appear, but when Explanations Disappear - Financial Week
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Many financial professionals and policymakers were stunned when, almost overnight, the National Bank of Romania (BNR) reported a sudden drop in foreign exchange reserves of around 7 billion euros. This massive decrease – from 62.4 billion euros to 55.6 billion euros in just a few days – raised many questions. How were these amounts used? Why did the BNR not warn more clearly about the situation? And, above all, what does this volatilization of r…
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