Romania's financial market is waiting to see where a new level can be found, and the threshold around which the fight is now being fought is RON 5.1 to the euro (EUR), according to XTB Romania strategy consultant Claudiu Cazacu."We have a much more volatile dynamic than the one we have become accustomed to on the exchange rate, once the threshold of RON 5 was broken. Uncertainty, emotion play an important role at the moment in the market, they played an especially important one yesterday. And now, traders are looking for a new equilibrium benchmark. Because, while so far we were used to levels slightly below RON 5 lei to the EUR, now, at over RON 5, we are trying to find the new benchmark. I think the market is partially waiting, although it seems hard to believe, it is waiting to see where a new level can be found. From my point of view, the volumes are much higher than usual in our estimate. The threshold around which the fight is now being fought is RON5.1. From my perspective, as a matter of opinion, I think the markets are eager to test levels above RON5.1, but I don't know if the central bank is also open to allowing too fast a move. So, I would say that we are following this level of 5.1 for today's session and in the short term. Of course, theoretically, anything can happen, but in practice I don't think that there is a market from which the central bank is absent, and it is not a market that is completely gripped by speculative fever. From a macro point of view, we needed a slightly weaker exchange rate for the leu and this was the moment when it was triggered," Cazacu said on Wednesday.Romania's national currency the leu (RON) depreciated on Tuesday against the euro (EUR), which was calculated by the National Bank of Romania (BNR) at RON 5.0378, up 6.03 bani (1.21%) from a previous quotation of RON 4.9775, an all-time high.Spokesman for the National Bank of Romania Dan Suciu said on Tuesday that the National Bank of Romania raised liquidity from the market after capital inflows decreased and outflows increased significantly, which led to an increase in interest rates.The three-month ROBOR (Romanian Interbank Offer Rate) index, based on which the cost of RON-denominated consumer loans with variable interest rates is calculated, rose on Wednesday to 6.47% per annum, from 6.08% per annum in the previous session, according to data published by BNR.
The Romanian Consulate in New York shared on social media the story of George Pomuț (George Pomutz, born Gheorghe Pomuț), the Romanian-American who facilitated the sale of Alaska to the US. Despite his role in US history, the Romanian is largely unknown today, the Consulate noted. Pomuț was born in the Hungarian town of Gyula, […]
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A couple of years ago, Romania’s Defense Ministry concluded a USD 400 million deal with Israeli company Elbit for the development of seven Watchkeeper X systems, which will be used to detect Russian operations near the border areas. The drones will be delivered in a few months, according to the manufacturer, as reported by Digi24. […]
