BNR: Leu sinks to four-year low

Benchmark currency exchange rate posted by National Bank of Romania (BNR) of 4.0629 lei/euro is the lowest level since November 8. The local currency climbed to several-month high versus US dollar, up to 3.0341 lei/dollar.

National currency continues its downtrend in early trades of the year maintaining at over 4.05% lei/euro in morning trades, in the lack of sellers who try to speculate growth expectation of euro/leu.

“The trend remains up, and the main cause is the absence of foreign currency sellers in the market. Those who sell go on the trend, they speculate the sensitive side”, said an insider, quoted by NewsIn.

The local currency was traded at 4.05 -4,06 lei/euro in early trades, after a slight appreciation in quotations below 4.04 lei/euro. At 10:45, the banks were buying euro at 4.0600 lei and sell it at 4.0650 lei.

Today, the board of National Bank of Romania will hold the first monetary policy session in 2009, most of analysts expecting the financial regulator to keep the benchmark lending rate at 10.25% per year and to cut the required reserve ratio for leu-currency liabilities, measures that would not however thaw the market in case of long-term inter-bank transactions.

“It is unelikely for BNR’s decision to influence the currency exchange rate”, dealer said.

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