Commercial banks explain the increase of the leu/dolar rate by the deficit of dollars on the local market

Commercial banks explain the increase of the leu/dolar rate, in the last three weeks by the deficit of the American dollar on the local market, justified by the reduction “to possible and impossible limits of the exports” Solicited by Info-Prim Neo, source from “Victoriabank” did not exclude the future currency growth possibility in the case the Government “will not solve the imminent problems in these situations”. The same sources mentioned that the National Bank of Moldova (NBM) has the necessary competence to intervene in such cases for supplementing the deficit. Sources from Banca de Economii said that the demand for dollars on the market increased in the last days very much, to uncertified rates and that the banks do not have sufficient reserves for covering this demand. They had the same opinion – “the dollars are missing because exports are missing”. Sources from “Eximbanc” said that the increase of the currency exchange rate is a consequence of the “fever provoked by mass-media” regarding the import banns imposed by Russia. According to the quoted source there are no real reasons for the leu’s depreciation, because they have sufficient resources. The source expressed its belief that NBM will make in the near future “real steps in order to stabilize the exchange rate, because it has levers for stabilizing the currency market”. “from the beginning of the year several spontaneous increases were register – not so big, nevertheless each time the exchange rate managed to stabilize”, added the representatives of “Eximbanc”. Several cashiers from the foreign currency exchange desks, solicited by Info-Prim Neo to comment upon the depreciation of the national currency, said that they do not know the real reasons. The majority of currency exchange desks present in “Yellow Pages” refused to comment the increase of the currency rate. Only some owners soliciting anonymity explained the increase by the lack of currency, also declared by the commercial banks. The evolution of the leu/dollar rate will be clear on Tuesday, at 12:00, added the same sources. On Monday, May 22, several exchange desks did not work. Until the news was broadcasted, NBM did not answer to the solicitations presented by Info-Prim Neo, in the morning to comment the situation on the currency exchange market. At the end of the last week, NBM denied the speculations regarding a further impossibility of the banks to pay the citizens’ deposits because of the halt of wine exports. The National Bank gave arguments that prove the invulnerability of the banking system: the small crediting portfolio of the banks, offered to the wine area which can not influence substantially the available cashing in Banks and also because the significant excess of cashing, which amounted on April 30, 2006 to 2800 million lei, twice more than the total credits’ volume gave in the mentioned areas. At the same time, NBM also denied the speculations regarding the possibility of a default in Moldova because the official reserves of the state constitute at present 648 million US dollars.