Moldovan Leu (MDL) appreciated during last week by almost 0.04 lei against USD and depreciated by over 0.23 lei against EUR. Domestic experts say that the evolution of the national currency is connected with the record depreciation of the USD on the external market last week.

During February 25-29 the reference exchange rate of the MDL against USD increased from 11.2291 MDL/1USD up to 11.1893 MDL/1USD. At the same time, MDL depreciated from 16.6572 MDL down to 16.8885 MDL against EUR.

National Bank of Moldova (BNM) officials and independent experts say that the recent evolutions of the national currency in relation to the main convertible currencies are connected with the situation on the international markets and have little related to the internal foreign exchange transactions.

According to the experts, the national currency wins before the USD on grounds that the latter depreciates more and more in relation to EUR. Thus, last week, USD registered the lowest quotation against EUR. On Wednesday, February 27 the EUR reached a record level against USD, exceeding 1.5 USD/EUR.

International analysts stated that the new record shift of the EUR is connected with the unfavorable data regarding the development of the US economy and the statements of the Deputy President of the US Federal Reserves, Donald Kohn, who said that the central bank is willing to continue the strategy on reduction of the reference interest rate to under 3%.

According to international media, traders consider that the investors on the financial markets will concentrate on the levels of 1.510 USD/EUR and 1.515 USD/EUR, and the re-financing rate may be reduced down to 2.5% in March.

The process of appreciation of the national currency against USD and depreciation against EUR continued further on the first day of this week. On Monday, March 3, MDL won almost 0.02 lei against USD (11.1668) and lost 0.08 lei against EUR, getting closer and closer to 17 lei for 1 EUR.

According to the recent data of the National Bank of Moldova, during January 2008 the official exchange rate of MDL against USD appreciated by 0.33%, from 11.3192 MDL/1USD at the beginning of the month to 11.2817 MDL at the end of it. At the beginning of January the official rate of MDL against EUR was of 16.6437 MDL/1 EUR, while at the end it appreciated up to 16.7160 MDL/1 EUR.  // BASA-Press



Publication date: 03 March 2008   

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