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Citi: RON to stabilize at 3.95/Euro in December, economy to drop 4.3 pc

CitiBank revised downward the estimates regarding the exchange rate at the end of this year, from RON 4.2/Euro to RON 3.95/Euro, and regarding the contraction of the economy in 2009 from 2.5 per cent to 4.3 per cent, shows the most recent report of the economists of the institution, Mediafax informs. The bank anticipates that the national currency will appreciate to RON 4.1/Euro in June and RON 4/Euro at the end of the first nine months. The evolution of the exchange rate represents a depreciation of around 6 per cent of the RON in real terms.

CitiBank economists considered by mid April that a reduction of the exchange rate to RON 4.12/Euro at the end of the year is possible, although they maintained their prediction of RON 4.2/Euro. “We want to emphasize that BNR’s assent for a more aggressive relaxation of the monetary policy could influence the RON,” reads a Citi report.

Thus, the Citi analysts mention that BNR could choose to intervene in the market and sell RON, in the event of a quick appreciation of the RON. Moreover, the RON has slightly appreciated in the first part of the interbank session of Tuesday, and BNR announced a rate of reference of RON 4.1529/Euro, down 0.31 bani against the level of the previous day, of RON 4.1560/Euro. The central bank published a reference rate of RON 3.0428 per 1 USD, 1.61 bani less than that of Monday, of RON 3.0589/dollar.

 

 

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Tags: euro bnr

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