The euro bounced back above the 4.3 RON threshold on theBucharest market, after players reacted to political turbulence,with Deputies yesterday managing to generate tension by approving aplan to cut VAT for food, which would risk, however, derailing theagreement with the IMF.
The NBR calculated an exchange rate of 4.3084 RON/euro, 1.44bani above the previous level. This is the first time the eurorises back about the 4.3 RON threshold since July.
The renewed decline came amid an already tense context, with thegovernment facing a new no-confidence motion, while internationallyinvestors are again shifting to very safe assets, fearing a newglobal recession.
"Foreigners have loaded their positions against the RON and arewaiting for a shock. Should the Government fall, the NBR is likelyto let the euro climb toward 4.5 RON as a warning," comments thedealer of a domestic bank. The no-confidence motion was presentedyesterday in Parliament, and the vote is scheduled for October27.
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