This week the Moldovan leu witnessed the greatest appreciation in the last two years. The euro depreciated to lowest level against the U.S. dollar in the last 20 years, while the Russian ruble, after a period of appreciation, depreciated considerably against the main reference currencies, said economist Veaceslav Ioniță, expert of the Institute for Development and Social Initiatives “Viitorul”.
Veaceslav Ioniță noted the appreciation of the leu is atypical. More eactly, this week the Moldovan leu increased in value by 2.5%. No such appreciation was seen so far this year and is seldom seen in the leu’s evolution. The U.S. dollar appreciated against most of the reference currencies of the world or most of the currencies deprecated against the U.S. dollar. “In these two camps, the dollar, on the one side, and the other currencies, on the other side, the Moldovan leu was in the camp of the stronger one,” stated the economist.
According to him, the other currencies depreciated amid a profound crisis. In such periods, the investors “hide” behind the strong currency, which is the dollar. The expected world crisis, the zone of uncertainty and Germany’s economy that is seriously affected by the energy pressure and dependence primarily on Russian gas led to the depreciation of the euro and other currencies. Such a tendency can last for several weeks or a month and the euro can yet depreciate. In the medium term, of two-three months, the euro will anyway follow an upward trend.
Thru Russian ruble depreciated considerably this week, following the downward trend started when the war in Ukraine broke out. According to Veaceslav Ioniță, it is too early to make forecasts, but there are opinions that the depreciation will continue.
The economist referred also to the rise in the official reserve assets. He said that the significant increase is due to the loans and grants coming from abroad and to the fact that the National Bank of Moldova already buys currency on the currency market. “I think during the next few months the Moldovan leu will tend to increase in value. Why? Because the people will start to bring the currency back – those US$ million they took. What will the National Bank do? It will purchase currency,” concluded the expert, being quoted by IPN.
