The interest stirred by FP floatation among foreign investorsand the rising appetite for Romanian T-bills in January drovetransactions carried out on the Bucharest forex market to 38bneuros, a two-year high.
Whereas trading peaks were traditionally registered duringperiods of volatility, when banks traded more amongst themselves,this time the increase came from transactions with clients.
The previous trading peaks were registered in June 2010, 37bneuros, and January 2009, 40bn euros, when the leu went throughperiods of abrupt depreciation. This January, though, the eurofluctuated within a very narrow band, around the level of 4.25lei.
Foreign currency purchases and sales banks carried out with clientsclimbed to almost 1.5bn euros as daily average, the highest levelregistered since October 2008, when the absolute trading record washit amid the speculative attack against the leu. Instead, interbankoperations stood at just 314m euros as daily average, below the2010 average.
However, dealers say it was financial deals that gave this boostand there is no question, yet, of rising volumes traded bycommercial clients, which would show a rebound of the realsector.
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