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BCR CEO: The current RON rate is the proper one

While the bank official claims that RON may appreciate in the future, several analysts estimate that, over the next three months, the national currency may depreciate to RON 4.29 for EUR 1.

The current RON rate is the "proper" one and it provides a competitive environment, as Dominic Bruynseels said, BCR CEO, for The Money Channel. He added that RON could appreciate as against EUR should the optimist perception on Eastern Europe maintains.

"I think there is a chance for the RON to appreciate conditional upon the fact whether the opinions on Eastern Europe continue to be optimist. This could happen even if this has negative parts. I believe the current level is the appropriate one and it provides a competitive environment", according to Bruynseels. He explained he did not expect high volatility of RON in the forthcoming time considering that there are no current pressures on the national currency. BCR CEO mentioned that the central bank had sufficient foreign currency reserves to avoid an excessive volatility of RON. Dominic Bruynseels added that the bank is currently self - financing in national currency, so that it covers part of the resources needed in foreign currency from the mother - bank.

"We finance ourselves well as to the national currency, we have a certain deficit as to the foreign currency, which is financed from Erste", BCR CEO said. At the same time, he says that the banks can invest additional funds in national currency into RON governmental bonds.

Ron, the most stabile currency in CEE

RON shall depreciate, in the next three months, down to 4.29 units for EUR 1, but after 12 months, the rate shall be RON 4.15 for EUR 1, according to analysts contacted by Reuters. Following that this Thursday, the reference rate published by National Bank of Romania was RON 4.2442 for EUR 1, a peak in the past seven weeks, at the end of last week, the reference rate dropped insignificantly, by 0.06 bani to RON 4.2436 for EUR 1. In the past months, RON was the most stabile currency within Central and Eastern Europe, according to Reuters. In the opinion poll conducted by the press agency in August, the analysts were estimating RON appreciation as to EUR in the next three months, to RON 4.21 to EUR 1.

The currencies in Central and Eastern Europe (CEE) shall resume their appreciation as against EUR in 2010, according to Reuters poll, conducted during August 28 - September 2, with the participation of 38 analysts.

On the other side, at the end of last week, Deutsche Bank was estimating a possible RON appreciation in the next three months up to RON 4 for EUR 1. The bank was recommending the investors to sell EUR for RON since, on three months, the national currency appreciates.

For December, Sibiu stock exchange estimates RON 4.3311 for EUR 1, whereas for June 2010, they estimate RON 4.4502 for EUR 1.

Sursa: http://www.nineoclock.ro

Tags: national currency months three current bcr

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