Citi sees the leu at 4.32/euro at the end of 2009

Citigroup has raised its forecasts on EUR/RON pair for the end of the year, to 4.32 from initial 4.1, due to Romanian central bank’s willingness and ability to mitigate the negative impacts of the political uncertainty.

In the light of our expectations of a more stable political environment by early next year, we look for a moderate appreciation of the leu in 2010. In this regard, we attach a great deal of importance to the establishment of a new government following the conclusion of the Presidential election, such that the implementation of the EU-IMF supported economic program can be resumed after the likely delay in the conclusion of the second review scheduled for December 2009”, Citibank said in a report released yesterday.

The bank expects the exchange rates to stay in the range of 4.25lei/euro in first quarter 2010, 4.20 in the second quarter next year , 4.18 in Q3 2010 and 4.15 by the end of the year.

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