Euro exchange rate climbed to its highest level in Moldova
During the weekend the euro exchange rate in exchange offices exceeded the historical maximum of the euro exchange rate and overstepped the new psychological barrier at 18 lei.
According to the data by the National Bank of Moldova (NBM), earlier the highest exchange rate was registered in 2006,when one euro was sold for 17.5 lei.
During the weekend the Leu was devaluated considerably against other foreign currencies as well. The U. S. Dollar was sold for 12.5 lei - almost by 1 Leu less than in September 2006.
Despite a considerable growth of the exchange rates of foreign currencies in exchange offices, the demand for lei exceeded the demand for foreign currency, which fact testifies to an artificial devaluation of the national currency.
The NBM representatives reassure that the process is under control and the bank is moving to its targeted 5% objective and is augmenting simultaneously the foreign currency reserves.
According to Head of the NBM Monitoring and Foreign Currency Control Department Ion Secrieru, the main violation in foreign exchange offices are mainly connected with the increased supply of foreign currency, which fact creates the Leu.
"Judging by exchange offices' reports, no large transactions were registered, which fact testifies to the absence of speculations", Secrieru said.
In his words, economic entities may influence the foreign currency exchange rate, as the Law obliges them to decide, how they will use the incoming foreign currency within seven days and they make the planned payments abroad by the end of the year.
"The NBM does not regulates the difference between the sale and purchase rates in exchange offices, they are determined by the by the market", Secrieru remarked.
The National Bank of Moldova refuses to predict the foreign currency situation and reassure that there is no stir and the bank will not admit it.
Last week LDPM Deputy, Chairman of parliamentary standing committee for economy, budget and finance Veaceslav Ionita declared that the NBM does not want neither to raise nor to lower the Leu rate, but it does not do this as it does not consider it necessary.
In independent experts' opinion, the NBM strives to artificially accelerate the inflation rate, which must constitute 7-10% in accordance with the NBM monetary policy, whereas, in independent experts' opinion, the NBM speeds up the inflation by means of the targeted devaluation, which in reality is close to zero.
On Monday the exchange offices sold Dollar on the average for 12.4 lei and bought it for 12.07lei, Euro - for 18.2 lei and 17.6 lei respectively.
Infotag, Moldovan news agency
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