Europe turmoil drove Bucharest foreign currency transactions to 32.4bn euros in April

Dealers in April traded 32.4bn euros on the Bucharest foreign currency market, 10% more than in the same month of last year, spurred by rising imports and exports and international markets turmoil. The daily average volume thus went beyond 1.62bn euros, compared with 1.38bn euros in March, according to NBR data. Foreign currency transactions thus hit the highest level of the past year, after having increased for the second straight month, but volumes are still much lower than in 2007 and 2008. Moreover, analysts say it is not very clear whether the upward trend will maintain over the following months as well. In January-April period, dealers traded 119.2bn euros, down almost 11% from the same period of last year, considering that transactions topped 40bn euros in January 2009. The all-time peak, of over 59bn euros (namely a daily average of 2.57bn euros) was reached in October 2008. Now, speculators are no longer interested in the domestic market considering the NBR is making sure forex rate volatility is low and they are spotting no profit opportunities.