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Higher transaction volume on forex market in March

13.04.2010, 16:03 12

Transactions carried out on the Bucharest forex market in Marchclimbed to almost 32bn euros, thus marking the first increase,against the same month of the previous year, after a series of 16consecutive monthly declines. In absolute terms, too, March tradingvolumes are the highest from February 2009, a hectic time forfinancial markets, NBR data show. March brought yet anotherextraordinary reversal: for the first time in the past years, thevolume of foreign currency purchases from clients topped the one offoreign currency sales to clients, as a daily average. Dealers sayforeign investors' interest in Romanian T-bills, also reflected inthe rapid yield decline, prompted new money inflows. Inflows offoreign currency, which needed to be converted into RON, were thusreflected in the volume of foreign currency market operations.Dealers in March also suspected discrete interventions on the partof the central bank, which seems to have bought foreign currency tocounter RON growth pressures, in the context where the exchangerate had got close to the 4 RON/euro threshold, coming from over4.2 RON/euro at the start of the year.

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