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March 23, 2023

National currency continues to depreciate – RON 4.1597/EUR

Reference exchange rate reaches highest level in 14 weeks.

The national currency has continued its decline against the EUR, with the National Bank of Romania (BNR) posting yesterday a reference exchange rate of RON 4.1597/EUR, RON 0.0168 higher than Friday, with this being the highest level in 14 weeks. An exchange rate higher than the one on Monday was posted on January 8 (RON 4.1679/EUR). On Friday BNR posted an exchange rate of RON 4.1429/EUR.

When it comes to the USD, the exchange rate grew by 0.0385 to RON 3.0961/USD.

On opening, banks posted an exchange rate of RON 4.1500-4.1530/EUR, up from Friday’s rate of RON 4.1435-4.1450/EUR. Subsequently the parity gradually rose, being influenced by European stock markets’ drop on opening after news about Goldman Sachs being accused of fraud by the US Securities and Exchange Commission broke on Friday evening. According to dealers, investors’ risk aversion has also grown against the backdrop of a rise in the cost of credit default swap derivatives on Greece’s debt after the volcanic ash cloud postponed until Wednesday the joint EU-IMF mission to Greece. Midway through the session, transactions stood at RON 4.1600-4.1610/EUR, the highest level of the day. On the monetary market the overnight rate rose slightly from 2.2 – 2.7 per cent to 2.23 – 2.73 per cent. For one-week deposits, banks posted interest rates of 2.47 – 2.97 per cent.

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