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BNR sells forex directly to test the market

The National Bank of Romania (BNR) on Friday intervened directly on the Romanian forex market by selling some 40 million euros, BNR spokesman Mugur Stet reports.

'The intervention was meant to test the functioning of the local market in the present context of volatility and uncertainty and to understand some missing correlations between monetary and forex market statistics and the existing market quotations,' BNR explains in a press release.

Monetary market statistics indicate that interest rates have been keep high, despite an excess of liquidity.

On the other hand, the local currency, the leu (RON), was seen to have recorded wide movements that are not correlated with the developments in the monetary market.

 

Sursa: http://www.rompress.ro

Tags: market forex bnr

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