Romanian Leu Up Vs Euro, On Alleged Ctrl Bk Intervention

The Romanian leu was the only currency in the region to appreciate against the euro on Monday, dealers suspecting an intervention of the central bank on the interbank market through euro sales to support the leu.

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The leu closed at RON4.2235/RON4.2250 to the euro, significantly stronger compared with RON4.25 to the euro at the end of Friday’s trading session.

“The leu was the only currency in the region that appreciated versus euro on Monday as other currencies lost more than 1% against the European currency. The leu appreciation is mainly driven by euro sales of local banks and foreign lending institutions, but I also assume the central bank stepped into the monetary market,” a dealer said.

The National Bank of Romania computed Monday a daily indicative of RON4.2392 against the euro, the leu’s strongest level in the past two months.

On the monetary market on Monday, overnight rates were at 9.63%-10.13% a year, while weekly rates at 9.99%-10.55% a year.

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