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.