For a loan with a monthly installment of €300, the debtor is currently paying a further RON 180 (€45), compared to what he paid in summer 2008. The national currency continued to depreciate against the euro, and the official exchange rate made public yesterday by the National Bank of Romania (BNR) reached a new record high for the past four years and two months, of RON 4.0629/€1.

“In the coming three-four months, the exchange rate could reach a high of RON 4.25/€1. The average exchange rate estimated for 2009 is slightly above RON 4/€1,” Lucian Anghel, Chief Analyst of Banca Comerciala Romania, told Business Standard.

Analysts do not expect the leu to strengthen before the end of the year or in 2010. “A trend of appreciation of the national currency, by 2-3 percent, can be expected in 2010. The leu depreciated 11 percent in 2008,” said Rozalia Pal, Chief Economist of UniCredit Tiriac Bank.