The Swiss franc yesterday hit a new all-time high against theRON, overshooting the 3.35 RON mark, which makes it even moredifficult for those who bet on the Swiss franc in past years torepay their loan instalments.
The Swiss franc exchange rate calculated by the NBR (NationalBank of Romania) yesterday climbed to a historic high of 3.3504RON, which marks an over 14% appreciation against the Romaniancurrency over the last three months. Bank customers with loans inSwiss francs have since the beginning of the year experienced anaccelerated increase, feeling the pinch of the long overlookedexchange rate risk. Around 10% of all retail loans are taken out inSwiss francs, with the lower interest rates compared witheuro-denominated loans acting as a major draw especially in the2007-2008 period. Even external exchange rates reached an all-timehigh of 3.3449 RON per one franc yesterday. News is not good, withanalysts believing the Swiss franc will remain attractive in thecoming period.
"The continuing high volatility on the financial markets and therobust Swiss
economy are likely to strengthen the franc's status as a safehaven," says Ingo Jungwirth, an analyst with Raiffeisen Bank inVienna.
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