Nonetheless, analysts expect an appreciation of the local currency, but at a slower pace, according to a Citi report made public today.
The economists of the US-based financial group see the exchange rates at 4.15lei/euro in third quarter, and 4.10 lei/euro by year-end.
“Turning to the FX outlook, we are somewhat disappointed with the leu’s recent performance following the sizable IMF-EU-led package, which has raised the probability of a more orderly adjustment considerably”, reads the Citi report.
Citi anticipates the presence of significant risks and the possibility of a rise in political noise ahead of Presidential elections in November.
However, the leu-supportive factors, such as NBR’s active involvement in the FX market to contain excess volatility, the presence of a more credible macroeconomic framework and the ongoing strong external adjustment should offset these risks.
In its previous prognosis, Citi had expected the leu/euro exchange rate to stay in the range of 3.95 by year-end, in the context of more favorable macroeconomic framework due to IMF/EU-led financial package, and higher-than-expected external gap.
Central bank posted today a benchmark exchange rate of 4.2137 lei/euro, down slightly by 0.09% from yesterday’s rate.
Viorel Stoiean, ex Starbucks: Reteta succesului? Espressoare, cafea de maxim o luna, barista bine antrenati
In lipsa unui acord scris din partea InternetCorp, puteti prelua maxim 500 de caractere din acest articol daca precizati sursa si daca inserati vizibil linkul articolului Citi expects EUR/RON rate at 4.10 by year-end.