Analysts say the decline was due to bad news regarding the liquidity of investment bank Bear Sterns, “which increased aversion for risk and impacted on emerging market with the highest exposure,” according to Emporiki Bank Romania’s Chief dealer, Liviu Arnautu.
Investment bank JP Morgan Chase&Co and the Federal Reserve New York division on Friday decided to provide 28-day financing for Bear Sterns, short on liquidities. Following this announcement, Bear Sterns stock plummeted 40 percent and the dollar depreciated against the euro.
The leu depreciates at the end of trading week
Publicat la 16.03.2008, 22:00:00
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