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| A good exchange rate for the euro 24/03/2011 |
| (2011-03-24) |
| Last updated: 2011-03-25 15:49 EET |
While the exchange rate for the euro is soon to reach 4.1 lei, the dollar fell under the 3 leu-threshold. As a consequence, mobile phone bills, payments for hard currency loans and rent will become more tolerable for Romanians.
Exporters, however, are hoping the euro no longer continues to depreciate. The Romanian currency has seen the best exchange rate against the euro and the dollar since the start of the year from among 170 currencies analysed by the Bloomberg financial site. Thus, the leu has this year seen a 4% appreciation against the euro and 9.8% against the dollar.
The deputy governor of the National Bank of Romania, Cristian Popa, said the appreciation of the leu to the highest level in almost a year is the result of market developments and reflects the fundamentals of the economy, helping to keep the inflation in check. Here’s Adrian Vasilescu, the advisor to the National Bank governor, speaking about the appreciation of the leu and the leu-euro rate:
“We could talk about a competition on the currency market, between the leu and the euro in Romania, and, in the countries in the region, between the Czech crown and the euro, between the Polish zloty and the euro, between the Hungarian forint and the euro, etc. Sometimes the leu is in tune with the currencies in the states around us, at other times it follows an independent course. This is one of those times when the leu has an independent development.”
Adrian Vasilescu also said that Romania’s entry into the euro zone remains a priority for Romania and voiced his support for this entry:
“There are many in the community of economic experts who frequently and violently voice their lack of trust in the euro. My opinion is that the euro will have a long life. On the other hand, however, unless the European Union fights hard to keep the euro alive as a strong currency, it will lose the global battle, because this battle is very complicated and controversial at the moment.”
The governor of the National Bank of Romania, Mugur Isarescu, explained that the recent appreciation of the leu against the dollar is reason enough for a decrease in fuel prices:
“We are likely to see the crude oil return to its initial price, somewhere under 100 dollars per barrel, probably 80, if this proves to be a balanced price. We hope domestic fuel will also be affected by this adjustment sooner or later. Anyway, there is no reason for this high price any more because the leu has kept appreciating against the dollar since the beginning of the year”.
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2025-04-03
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