“The rockbottom point of the V-shaped recession was reached in first quarter. The central bank has never denied the likelihood of an impact of the crisis, but we needed time to identify the channels through which it had spread”, said Isarescu.

He added that the adjustment of external deficit, which was “absolutely necessary”, generated a better response from the economy than NBR had expected.

Romanian economy shrank in first quarter this year by 6.4% from prior-year period, according to preliminary data made public earlier this month by National Institute of Statistics.