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January 23, 2022
BUSINESS

X-Trade Brokers: BNR must steadily intervene to preserve exchange rate

The National Bank of Romania (BNR) will have to intervene systematically to maintain the exchange rate, otherwise the rising exchange rate will definitely “bury” consumption, the population being the most affected, supporting the agriculture being more important than ever, reads a press release of X-Trade Brokers, the biggest brokerage house in Central and East Europe. “The major growth of the prices of the consumer products is already more than predictable: it is a certainty in regard to the next year and, if the RON exchange rate is not held back, we shall watch evolutions whose effects will be difficult to bear by both the population and the private sector,” said Victor Safta, manager of X-Trade Brokers branch from Romania.


The crisis should have determined the fall of the prices in order to stimulate consumption and acquisition, fact which has actually happened in the real estate and car manufacturing sectors, but the uncertainty of the jobs and the difficulty to access the necessary funds have practically cancelled the “benefits” of these evolutions. The analysts from X-Trade Brokers stress in connection with the sectors of activity that the crisis “goes” from durable goods and heavy industry to non-food products, and then it will “hit” most powerfully the food industry next year, when, because of the growth of unemployment and prices, the Romanians will have to cut off systematically some of the food products from their purchasing list.


The reference rate posted yesterday by BNR dropped 0.17 bani compared to the level from the end of the past week, to RON 4.2877/Euro. Also yesterday, the unique European currency reached a new record on the Asian markets, the highest since August 2008. The quotation reached USD 1.5064 per one Euro, sustained by the comments that China should increase its reserves of unique European currency, the traders quoted by Reuters say.

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