The euro has gathered pace over the last few days and, despiteall supposed interventions of the NBR (National Bank of Romania) totemper the exchange rate, the RON/euro exchange rate rose to 4.24RON/euro yesterday in the second half of the trading session, thehighest level since the beginning of the year.
Nerves are running high again for clients with euro-denominatedloans, risks of a new wave of price hikes have emerged, with theAmerican dollar - which sets the tone for fuel prices - at a3.55-RON all-time high.
The single European currency has hit a six-month high, with therate displayed by the National Bank in mid-session reaching 4.2180RON/euro. The euro climbed almost 13 bani (100 bani - 1 RON)against the Friday level, when it had managed to cross thepsychological 4.2-RON mark for the first time since January. In thesecond half of the session, the European currency continued toappreciate, with the European Central Bank, which collects the datalater than the NBR, calculating a 4.2359 RON exchange rate.
Under the circumstances, analysts of local banks have changedtheir forecasts on the progression of the exchange rate for thecoming period, expecting depreciation pressures to continue over alonger period amid a prolonged recession and in the context wherefiscal adjustment measures will be rather difficult to implement.
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