Exchange rate hits new record: RON 4.82 for 1 euro. Commissioner Breton heralds EU recession due to coronavirus

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The exchange rate has hit a new negative record on Monday: RON 4.8242 for one euro. Last week, the national currency has decreased day by day last week, with analysts saying it will follow a similar trend in the upcoming period. Yet, the national bank representatives argue that the national currency has smaller declines compared to other currencies in the region.

The U.S. dollar stood at RON 4.3202.

The spokesperson of the National Bank of Romania (BNR), Dan Suciu said that this RON decline must be seen in a regional context, for the currencies of other countries in our regions had reported decreases, too.

“Our national currency, RON, has however stood better than others, such as the Zloty, the Forint or the Czech Koruna”, said Suciu.

On the other hand, the BNR spokesperson called for calm, advising people not to go to ATMs to withdraw money.

There is cash across banks, they can make payments, banks are solid and stable“, said Suciu.

Recession forecast across EU

The EU internal market Commissioner Thierry Breton has stated today that the coronavirus pandemic will plunge the European Union into recession this year, forecasting the bloc’s economy risked a 2-2.5% hit.

Obviously we are expecting a recession during the year 2020,” Breton told BFM Business radio. “We are at war with the virus. An economic war.”

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