RON continues depreciation trend to 4.6390 units per EUR, lowest level in more than five years

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The national currency has continued to depreciate on Friday against the EUR, the exchange rate announced by the National Bank of Romania (BNR) being of RON 4.6390 per EUR, the lowest level of the last five years and three months.

On August 3, 2012, the National Bank of Romania announced an exchange rate of RON 4.6481 per EUR.

The exchange rate announced by the BNR is RON 4.6390, by 1.11 bani (0.24%) more than in the previous session on Thursday, of RON 4.6279 for one EUR.

On the other hand, the national currency has appreciated against the US Dollar, the BNR exchange rate was set at RON 3.9803per USD, less by 0.62 bani (-0.16%), as compared to the previous session, when the exchange rate was RON 3.9865 per USD.

The Swiss Franc has reached RON 4.0078, up by 2.08 bani (0.52%), against the value of RON 3.9870 per CHF in the previous session.

The gram of gold fell by 20.18 bani on Friday (-0.12%) down to RON 164.4043 from RON 164.6061on Thursday.

BNR: There are no significant variations

The BNR representatives say there is no reason for concern. “For a long time, the National Bank has highlighted that we should not draw conclusions after a day or two of increases or decreases. Now, we are on the fourth day of continuous growth of the EUR exchange rate and we recall that on the day of the Government sitting, which issued and approved the emergency ordinance (on tax reform – our note), there was a change of threshold from RON 4.5 to RON 4.6 and is still growing to RON 4.61, RON 4.62, today it has reached RON 4.63. There are no significant variations, it’s just small change,” said Adrian Vasilescu, strategy consultant with the BNR, informs.

On Tuesday, BNR Governor Mugur Isarescu said “we anticipate a statistical peak of inflation in the first quarter of 2018.  The new scenario highlights the outlook of significant acceleration of inflation over short term, followed by a more tempered development in the last quarter of 2018. Against the previous report, the forecast annual inflation rate has been seriously revised upwards over short term.”

The National Statistics Institute (INS) has informed on Friday that the annual inflation rate in October reached 2.9%, up from 1.9% in September.



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