BNM explains leu depreciation against dollar by speculative operations

The National Bank of Moldova (BNM) explains the dropping tendency of the national currency against the dollar, registered these days on the currency market, by “speculative operations”. The chaos created on the currency market has no ground and fed additionally by recent wrong data and instigating opinions published in certain periodicals, according to BNM report. BNM considers that the current situation on the currency market has a temporary aspect, which will improve very soon. In order to support these affirmations, there are presented argues, according to which, during the first four months of 2006, the net offer on behalf of natural persons was of 329 million dollars or by 18.5% more compared to the same period of 2005. The data on incomes from export of goods and services for the first trimester of 2006, there also is no concern, the latter one increasing by 9% compared to the same period of 2005. Even if in the first trimester it was registered a decrease of the deficit of the balance of goods and services (from 209 million dollars in the first quarter in 2005 to 264 million dollars in 2006), conditioned by the increase of prices for energy resources, seasonal trend of previous years show a decrease of the deficit of the balance of goods and services in June-July. The National Bank mentioned that remittances, being one of the main coverage sources of the mentioned deficit, usually have an increasing trend in June-August. BNM advises the operators on the currency market of the country not be influenced by speculative attempts directed to the unjustified decrease of the leu against the dollar. The report mentioned that the situation created on the currency market is supervised by BNM, the bank being available to provide for commercial banks currency swaps for selling, contributing to satisfying the increased demand of currency and to diminish the excessive fluctuations of the exchange rate. Along last days, including Tuesday, the exchange desks Of Chisinau presented an exchange rate leu/dollar higher than last week. The exchange desks presented on Tuesday morning, 23 May, an average exchange rate of 13.35 lei for buying and 13.5 lei for selling.