BNR exchange rate surged to RON 4.4749/EUR

Highest level since mid-September.

The national currency’s exchange rate remained slightly above RON 4.47/EUR in the first half of the session, so that the National Bank of Romania (BNR) published a reference exchange rate of RON 4.4749/EUR, representing the highest level since September 18. Back then the exchange rate stood at RON 4.4751/EUR. During the previous session the exchange rate stood at RON 4.4643/EUR. The RON/USD reference exchange rate climbed by RON 0.0124 to RON 3.2549/USD.
At the same time, the RON/CHF exchange rate grew from RON 3.6552/CHF to RON 3.6609/CHF, reaching the highest level in the last five and a half months. A higher parity than the one registered on Wednesday was last posted by the Central Bank on June 21, when it stood at RON 3.6853/CHF, Mediafax informs. The RON/USD and RON/CHF exchange rates are calculated by BNR in relation to the RON/EUR parity and the EUR/USD and EUR/CHF exchange rates.
The national currency’s exchange rate opened at RON 4.47/EUR and gradually climbed towards RON 4.4750/EUR in the first part of the day, in a calm market, the dealers state. The RON depreciated since Tuesday, the rate climbing to RON 4.47/EUR against the backdrop of several orders for the purchase of EUR.
“Taking into consideration the fact that the RON had the weakest evolution in recent weeks in the region (with the Zloty and Forint meanwhile growing stronger), we could connect this RON depreciation with the fact that the international criticisms concerning the changes brought to the Penal Code have recently reached the foreign press. Also in the political sphere, the signs of gridlock at the level of the ruling alliance are clearer than ever,” an ING Bank report issued yesterday morning reads.
The interest rates posted on Wednesday by commercial banks for RON-denominated one-day deposits remained low, at 0.73 – 1.23 per cent per year. The one-week yields stood at 1.05 – 1.55 per cent, above Tuesday’s level of 0.97 – 1.47 per cent per year. The interest rates continue to be far below the BNR’s monetary policy interest rate that now stands at 4 per cent per year, a historic low. At the same time, the interest rates practiced by commercial banks are very close to the deposit facility practiced by BNR (1 per cent per year).

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