The monthly average official exchange rate of MDL against USD appreciated from MDL 12.2844 per USD 1 in June 2007 to MDL 12.1623 per USD 1 in July 2007. The monthly average official exchange rate of MDL against EUR depreciated from MDL 16.4728 per EUR 1 in June 2007 to MDL 16.6692 per EUR 1 in July 2007. At the beginning of the month the official exchange rate of MDL against EUR constituted MDL 16.5181 per EUR 1, while at the end of the month – MDL 16.5490 per EUR 1. The monthly average official exchange rate of MDL against RUB depreciated from MDL 0.4739 per RUB 1 in June 2007 to MDL 0.4760 per RUB 1 in July 2007. At the beginning of the month the official exchange rate of MDL against RUB constituted MDL 0.4757 per RUB 1, while at the end of the month – MDL 0.4733 per RUB 1. In July the National Bank of Moldova maintained a floating exchange rate regime. The foreign exchange policy was targeted towards excluding the excess fluctuations of the nominal official exchange rate of the national currency against USD, the strengthening of international foreign exchange reserves, continuous servicing of the state external debt.