November 20, 2017

National currency affected by the Government’s ouster: Exchange rate at 4.4 lei per Euro

After the fall of the Ungureanu cabinet by no-confidence vote, the Euro was sold for 4.4 lei on the inter-banking market, a level close to the June 2010 quota when Romania took unprecedented austerity measures. On Friday the Euro grew to 4.38 lei immediately as the inter-banking market session began, amid expectations that the no-confidence vote would pass and the government would be replaced. In June 2010, the Euro cost 4.4010 lei on the inter-banking market. The negative sentiment at the time was based on the VAT increase from 19 to 24% and uncertainties about the IMF agreement after the Constitutional Court declared some austerity measures proposed by the government unconstitutional. At 4 pm on Friday, the exchange rate had dropped to 4.39 lei, possibly after a National Bank intervention. According to dealers, it was also because of National Bank interventions that the exchange rate was kept below 4.38 lei the previous day.

Source: Bucharest Herald (read more)

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