Midday Forex: Leu gains vs euro on IMF positive review

The official exchange rate settled by the National Bank in Romanian fell to 4.2552 lei per euro, after the International Monetary Fund (IMF) announced last night it will disburse the second SDR 1.718 billion (about €1.854 billion) tranche, NewsIn informs.

NBR reported an exchange rate of 4.2665 lei per euro yesterday.

The leu fell slightly in the early trades, from 4.2650 to 4.27 versus the euro, but then inched up to 4.25. At 1:30 p.m. banks were buying a euro with 4.2530 lei and selling it for 4.2590 lei.

The Executive Board of the International Monetary Fund (IMF) today completed the first review of Romania’s economic performance under a program supported by a 24-month stand-by arrangement. The completion of the review enables the immediate disbursement of SDR 1.718 billion (about €1.854 billion), bringing total disbursements under the program to SDR 6.088 billion (about €6.570 billion).

In the region, the Polish zloty slipped from 4.1485 to 4.1660 versus the euro and then inched to 4.1550, while Hungary's forint plummeted from 270.86 to 271.36 and then parked at 271 per euro.

For the U.S. dollar, NBR's exchange rate dropped 1.29 percent to 2.8746 lei per dollar, from yesterday's 2.9123.

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