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A country without a Government. Leu under pressure

Diana Cioltei, 15 Oct 2009

Romanian version

October 13 will be one of the most pivotal events in the modern history of Romania: the first Government in the post-communist era was brought down by a motion of censure that passed yesterday in the Parliament. The collapse of the government will place the local currency and stock market under extreme pressure, and 2010 budget seems to be the biggest risk of the Government’s demise.

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The failure of the government puts pressure on exchange rates

The Tuesday’s no-confidence vote has led to the first demise of the government in the post-communist era, heightening pressures over the local currency. Exchange rates hovered yesterday near 4.3lei/euro, although traders interviewed by Wall-Street speculate the intervention of the central bank.

Yesterday’s events are expected to reflect in the future performance of the local currency. It remains to be seen whether the local currency is capable of withstanding pressures, or break through the 4.3lei/dollar psychological barrier defended by the National Bank of Romania.

For today, NBR posted an official exchange rate of 4.2897lei/euro, up slightly from the previous session. Analysts expect the local currency to devaluate further and don’t rule out the possibility of the leu to touch a new record low vs the single European currency.

On Tuesday, October 13, 2009, the former Government under leadership of PM Emil Boc lost a parliamentary vote of confidence, with 176 votes against and 254 for.

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A country without a Government. Leu under pressure

The failure of the government puts pressure on exchange rates

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