Romania's leu drops to 3.72 lei per euro following slump of international stock exchanges

 After the initial 0.68 percent drop, the leu started to fluctuate close to 3.7090 – 3.7140 against the euro. The rest of the emergent currencies slumped too, therefore the market expects the leu to jump over 3.72 lei per euro, according to dealer with the Banca Comerciala Carpatica, Florin Constantinescu.

 The Asian and European stock exchanges faced new turmoil today as investors fear U.S. will enter a recession and expressed disappointment regarding President Bush's plan to reboot economy.

 Romania's Economy and Finance Ministry announced its aim to draw lei from the market by January 25 when money from tax payers should arrive; the market expects a 8 percent interest.

 On  international markets the U.S. dollar hiked slightly from 1.4605 to 1.4490 against the euro, reaching 1.4497 U.S. dollars per euro at 11:15 a.m. Romanian hour.

 The interbank interest rates for overnight deposits stand close to 8 percent per year, which is the monetary policy interest announced by BNR.

Source: NewsIn