NBM: The local currency market is in a temporary re-adjustment phase

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photo source: infoprut.md

Posted by: Mihaela Bucatari

News / Economic

17 Apr. 2019 / 12:31

NBM: The local currency market is in a temporary re-adjustment phase

The National Bank of Moldova (NBM) points out that lately in the foreign financial markets the euro recorded a trend of appreciation against the US dollar amid favorable developments in the macroeconomic indicators of the euro area. Respectively, in April, the single European currency rose from 1.1218 EUR / USD to 1.1300 EUR / USD, and this dynamics explains the depreciation of the Moldovan leu against the euro. At the same time, the domestic currency market was characterized by a moderate depreciation trend of the Moldovan leu against the US dollar, about 0.48 MDL.

At present, the local currency market is in a temporary re-adjustment phase, volatility, and the depreciation rate against the benchmark currency being closely monitored by the National Bank.

There are no prerequisites for crisis situations in the foreign exchange market, with minor differences between supply and demand of foreign currency. The main operators in the market manifest calmly and actively under normal regime.

NBM reiterates that it does not forecast or target the dynamics of the Moldovan leu, its fundamental objective being to ensure and maintain price stability, but will continue to monitor the evolution of the domestic currency market as well. The National Bank has sufficient leverage to influence the foreign exchange market, which is due to adequate foreign exchange reserves (4.7 months of import), in order to ensure a prompt response to necessity.

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