Banca Naţională a României a vândut azi (6 august 2012) circa 250 de milioane de euro din rezervele sale valutare pentru a mai întări un pic moneda naţională afectată puternic de turbulenţele din plan politic, spun traderii gigantului financiar american Citigroup, citaţi de Financial Times (FT) . În ultimele 3 luni România a apărut în ştirile FT de mai multe ori decât în cele 12 luni anterioare.
Pentru monedele din Estul Europei principalul factor determinant al evoluţiei lor este situaţia zonei euro şi a monedei unice, leul însă, este influenţat în primul rând de instabilitatea din plan intern – spun alţi analişti, citaţi de aceeaşi publicaţie.
Sursa: Financial Times
The Romanian central bank waded into the currency markets to defend the leu following political infighting in the country that has seen international investors pull funds out and the currency sink to a record low.
Forex traders at Citigroup estimated that the National Bank of Romania sold €250m on Monday in an effort to strengthen the ailing leu, which hit its weakest level against the euro last week.
Investors have fled Romanian financial markets in recent weeks amid attempts by Victor Ponta, prime minister, to impeach the Romanian president, Traian Basescu, amid public unrest about spending cuts.
The move has led to criticism from EU officials.
Traders said the Romanian leu had been facing speculative attacks by hedge funds in recent weeks, helping to drive the currency lower even as other eastern European currencies had been rising against the euro.
Hedge funds were caught out by the move on Monday, according to traders, as the leu rose more than 1 per cent against the dollar and the euro to record its largest daily move all year.
The central bank warned last week that political uncertainty and the fallout from the eurozone crisis was having “an unfavourable impact on the leu”.
The Romanian central bank is well known for intervening frequently in the currency markets through local banks.
But traders said Monday’s intervention was more significant. “Today they wanted to show they were the big boys and they got their fist out and crushed the market,” said Robert Hoodless, currency trader at Citigroup in London.
The central bank declined to comment.
The leu has stood out as the biggest underperformer among eastern European currencies in recent weeks. The Hungarian forint, the Czech koruna and the Polish zloty have all strengthened against the euro since the start of June.
Eastern European currencies tend to weaken against the euro when the single currency is performing badly against major global currencies due to investor concerns over strong trade links between the countries.
The region’s currencies also tend to fall in line with other emerging market currencies when global risk appetite falls.
The euro has fallen more than 8 per cent against both the forint and the zloty since the start of June.
By contrast, it rose nearly 4 per cent against the leu over the same period to reach its strongest ever level against the Romanian currency on Friday, at over 4.65 leu. On Monday, the euro fell to 4.56 leu, losing more than 1.1 per cent.
“For most eastern European currencies at the moment, the primary driver is Europe; with the leu, it’s the domestic backdrop that’s the primary driver at the moment,” said Christian Lawrence, foreign currency analyst at Rabobank. “We’re likely to see more intervention this year.”