ING: BNR could have to intervene if the leu appreciates too much

If the leu increases significantly against the euro, due to the higher profitability and the improvement of the appetite for global risk, economic production could be affected. This scenario is accused of the fact that economy did not fully take advantage of the currency drop and now will be confronted with a more powerful currency. Consequently, BNR may be forced to step in to weaken the position of the leu and that is why we estimate that the exchange rate will not go down under 4 lei/euro, although we don't exclude the temporary appearance of such levels over the year," the ING analysis shows. The Bank anticipates a rate of 4.15 lei/euro at the end of the first quarter , 4.25 lei/euro by mid year and 4.1 lei/euro at the end of 2010.

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