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Romanian Leu Moves Higher Vs Euro After Ctrl Bk’s Rate Hike

The Romanian leu strengthened against the euro in mid-trade Thursday, shortly after the central bank announced it has decided to increase the key monetary policy rate, dealers said.
Romanian Leu Moves Higher Vs Euro After Ctrl Bk’s Rate Hike
31 iul. 2008, 13:53, English

At around 10:20 GMT, the leu was trading at RON3.5100 units against the euro, stronger compared with Wednesday’s close of RON3.5315-RON3.5325.

"Following the central bank’s announcement regarding the key monetary policy rate hike, the leu strengthened to nearly RON3.51 to the euro, a dealer with a foreign bank in Bucharest said, adding the traded volumes were insignificant.

Thursday, the leu opened at RON3.5240-RON3.5270 units against the euro.

On the money market early Thursday, overnight rates were at 10.66 – 11.16% on the year.

The central bank decided in Thursday board session to raise the key monetary policy rate by 25 basis points to 10.25%, in its seventh consecutive hike since October last year.