Romania's leu slipped below 3.71 versus the euro after central bank raised key interest rate to 9.5%

Publish date: 26-03-2008
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Romania's national currency, the leu, fell slightly below 3.71 against the single European currency after the country's central bank announced 0.50 percentage points hike of the yearly key interest rate in line with analysts' expectations, dealers said.

The leu oscillated today around 3.71 and started to inch after the central bank announced its decision. However, it fell shortly after.

The leu rose as a consequence of the bank's decision, which is not sudden, but in line with the market's expectations, the chief dealer of Banca Transilvania, Ioan Birle told NewsIn.

The U.S. dollar lost ground again versus the euro on international markets, fluctuating from 1.5585 to 1.5712. At 11:25, Romania's hour, the U.S. dollar traded at 1.5698 versus the euro.

Interbank interests for overnight deposits exceeded the monetary policy rate staying at 10 percent this morning, when the market was pending the central bank's decision of raising the yearly key interest rate from 9 percent to 9.5 percent.


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