The leu and stock exchange dance to African tunesPublish date: 10-10-2008
The leu appreciated sharply on the foreign exchange market, bouncing back later to RON 3.75/€1, some 5 percent below Tuesday's reference rate. For the most part, the appreciation trend was a regional one, as major central banks, including the Federal Reserve, the European Central Bank, and the Bank of England decided to cut the reference rate by 0.5 percent.
The day on the stock exchange was not so good, with financial investment companies (SIF) most affected by losses exceeding 7 percent. There was a similar loss on the Croation stock exchange, while several African stock markets experienced losses of over 3-4 percent.
"The evolution of the leu was in keeping with the region and other emerging currencies, such as the African rand. Therefore, it is difficult to say today if BNR [Ed. n. National Bank of Romania] will intervene or not on the market, although the national currency's appreciation was more pronounced than other regional currencies," said Nicolae-Alexandru Chidesciuc, Senior Economist of ING Bank Romania.
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