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National currency leu devalues in line with other currencies in this region, says financial analyst

The national currency leu devalued in line with the evolution of the other currencies in this region and not due to the dates on inflation, which is below the market's expectations, financial analyst Radu Craciun, investment manager of the private pension fund Interamerican, told Agerpres.

'Leul moved towards the euro the same as the other regional currencies. I am not convinced that on the inter-banking market euro quotations have been influenced by the inflation data published on Monday, which indeed are below the market's expectations and, under these conditions, I do not think that BNR should also have in view a new increase in the monetary policy rate, which would further boost the appetite for lei', said Radu Craciun.

On Monday,the euro quotations versus leu surged, exceeding 3.57 lei after last week they dropped below 3.5 lei and the reference rate attained minimums of 2008.

The inflation rate in July stood at 0.69 percent and the full-year inflation (July 2007 - July 2008) jumped to 9.04 percent compared to 8.61 percent at the level of June, according to data published on Monday by the National Statistics Institute (INS).

On the first seven months of the year, the cumulated inflation rate stood at 4.28 percent and the monthly average rate at 0.6 percent compared to 0.3 percent in 2007.

A week ago, Governor of Romania's National Bank Mugur Isarescu pointed out that in July the inflation could rise by 0.7 - 0.8 percent compared to the previous month and the annual inflation could even exceed 9.1 percent.

The Governor's statement was interpreted by the players on the foreign currency market as leaving room for a new BNR reference rate increase, which might make the interest rates in lei even more attractive for speculators.

Sursa: http://www.actmedia.ro

Tags: inflation percent national currencies other currency euro bnr

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