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Speculative transactions lead to leu depreciation

Speculative transactions are most likely the reason why leul and the Polish zlot markedly depreciated on Monday, showing declines of 1.56 percent and, respectively, 2 percent as against the euro on the inter-banking forex market, at around 1.00 PM, BCR Chief economist Lucian Anghel told AGERPRES.

'No large commercial transactions are expected nowadays and if we also look into what happens in the region, with the Polish zlot, the conclusion is that we are facing speculative transactions. Leul will further come under depreciation pressures and euro quotations might climb to 4.1-4.2 lei in the international context which failed to improve. It also depends to a large extent on the signals in the fiscal-budgetary policies zone and how the Government will cooperate with the National Bank', said BCR representative.

According to BCR Chief economist, despite this period of the year is one of leu appreciation on the backdrop of foreign currencies inflows, due to Romanians abroad remittances, these amounts represent less and less compared to the traded volumes and therefore exercise less influence due to the market's development.

Romania's National Bank announced on Monday an exchange rate of 3.9964 lei for one euro and of 2.7923 lei for an US dollar.

 

Sursa: http://www.rompress.ro

Tags: speculative transactions bcr euro

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