Moldovan Bankers express optimism about LEU's exchange rate
There are no objective reasons for a depreciation of the Moldovan leu currency, the heads of Moldovan commercial banks stated during their meeting with Prime Minister Vlad Filat last Saturday.
Filat remarked, however, that currency speculations took place on the market last several days aimed at stirring up panic among citizenry and cause chaos on the market.
“May I assure you that all necessary measures will be taken to prevent this and stabilize the situation, and provokers will be punished”, Vlad Filat said. “The Government will be supporting the independence and real autonomy of the National Bank, which will use all its legal powers to ensure the national currency’s stability”.
The Premier reaffirmed his Government’s full openness to the banking sector, and said the Government seeks stabilization at the financial market, so the Cabinet’s actions will be in concert with the National Bank’s work for the sake of achieving macro-economic stabilization, including through maintaining a relative stability of the national currency.
The Government is looking forward to an International Monetary Fund mission come and work in Chisinau on October 13-28, during which Moldova and the IMF will discuss their further partnership.
Filat said his Government has already started a scrutiny of economic and financial situation, with results of it to be made public on October 1. Next month, the Government will work out a program of the country’s economic rehabilitation.
After the meeting, Moldova-Agroindbank president Natalia Vrabie voiced confidence the leu’s exchange rate will shortly come back to its usual position against the US dollar and the euro.
“Exchange rates are set by the market – by demand and offer. I am convinced there are no prerequisites for any depreciation of the national currency. There certainly exists a psychological factor: changes are taking place in the country, so the market is reacting. But this cannot cause medium-term or long-term changes, for there exists no ground for such changes, though we have entered into an energy import season. The republic has enough foreign currency reserves to meet the existing demand”, said Natalia Vrabie.
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