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ING sees an exchange rate of 4.4 lei/euro in Q4

The ING Bank analysts estimate that the national currency will reach over the last quarter of the year a minimum level against the euro of 4.4 lei/euro due to the tensions in the euro zone, a report of the bank shows. At the same time, ING shows that in October the National Bank of Romania spent 700 million euro to support the leu.

The BNR governor Mugur Isarescu stated, some days ago, that the Romanian economy needs capital inflow, even if for short term, and the central bank won't look after the exchange rate so much, as they have no other choice. ' In fact, despite all these comments, BNR continues to watch over the foreign currency market.The last days showed that BNR kept the leu away from the currency in the region, allowing it to go down. Probably the central bank promotes such actions, so that the national currency goes down slightly by comparison to the euro, not to accumulate depreciation pressure', the report of the Dutch bank shows.

According to ING, the National Bank will rationalize the interventions on the foreign currency market, so that the impact on the exchange rate be limited. In the case the ministry of finances succeds in selling bonds in dollars next week, then the liquidity conditions will come back to normal, and BNR will have more room to support the leu, according to the ING report.

Sursa: http://www.actmedia.eu

Tags: currency ing euro exchange bnr

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