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High interbank interests swell the leu to 3.63 against the euro, against regional flow

Romania's national currency the leu continued to gain ground today rising to 3.63 against the single European currency, opposite to currencies in the region, helped by high interbank interests.

The leu started at 3.66 versus the euro this morning and then fell to 3.69 only to reverse trend afterwards and grow to 3.6290- 3.6390 around 17:10.

"Interests remained high and this makes selling foreign currency interesting," dealer with lender Banca Transilvania, Florin Bota, said, adding speculations are also on-going. The central lender BNR announced yesterday's exchange reference rate placing the leu 1.77 percent above last week's level, to 3.6691 versus the euro.

The national currency also increased over the American dollar, advancing 2.09 percent to 2.7213.In the region the Hungarian forint lost ground from 265.5 against the euro to 268.7 and the Polish zloty dropped from 3.548 to 3.583 over the euro.On international markets the American dollar started to rise after it initially fell versus the euro. At 17:10, Romanian time, the dollar stood at 1.3359 euros.

Interbank interests for overnight deposits were high at 20-50 percent per year, exceeding by far the key interest rate of 10.25 percent, on rising demand for lei.Banks in Romania should avoid rushing to transfer to clients the high costs of operations on the interbank markets, advised today the governor of the country's central bank (BNR), Mugur Isarescu, stressing that the situation of the past days is more related to the context rather than a long-termed one.

The governor's speech came after interbank interest rates on the Romanian market (ROBID-ROBOR), used by lenders as a reference value for credits with variable interest granted in lei to the population, jumped above 20 percent on October 17 and remained at high values.

Sursa: http://www.actmedia.ro

Tags: percent euro against interbank interests bnr

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