Finances

MOLDOVAN LEU KEEPS STRENGTHENING DUE TO LACK OF FOREIGN CURRENCY DEMAND – DEALERS

09 february, 2016

Due to lack of demand for foreign currency and low business activity, the Moldovan leu started to slightly strengthen against the US dollar and the euro in the last few days.

“It seems like clients died out; there is almost null demand for currency in the market. Partially we explain this by new year holidays in China, due to which importers do not work, as well as the delay in building materials imports, the volume of which grows by spring”, said one of bank currency dealers.

At the question about foreign currency transactions on the interbank market, the Infotag interviewee said that on Monday there were no such transactions at all.

“Usually volumes do not exceed US$150-200 thousand, which is not comparable to the previous US$4-5 million – usual sums for the Moldovan market in the pre-crisis period”, professional currency market participants.

They point at a slight deficit of lei in both the cashless interbank market and in the segment of the cash currency market in foreign exchange offices.

As for expectations of economy revival, market participants say that all the statements in this regard look like a wishful thinking.

“The situation in the market and the behavior of its participants do not confirm any signs of liveliness”, dealers say.

Infotag’s dossier: For Tuesday, February 9, the NBM established the following official exchange rate: MDL20.1934 per US$1 and 22.4641 per Euro1. The figures of the national currency official rate moved down against the US dollar and the euro, registering a slight strengthening against these two currencies.

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