Even if the euro continues to appreciate, the appreciation will not be as significant as until now, while towards the end of autumn the euro will decrease in value, projected expert of the Institute for Development and Social Initiative “Viitorul” Viorica Lopotenco.
“It is evident that the growth is not so significant already. Winter is coming and this means larger imports, especially of energy resources. Interventions will be made to improve the exchange rate of the leu against the European common currency,” Viorica Lopotenco stated for IPN.
According to her, the depreciation of the leu went through several stages. In August, the National Bank bought foreign currency from the foreign currency market continuously in order to depreciate the national currency. The bank explained that these actions form part of its monetary policy as it wants to boost the economic growth. The appreciation of the euro is an advantage, first of all for exporters.
The second stage came after Russia imposed a ban on the imports of Moldovan wine products. “About 30% of the revenues from the currency that entered the country in the period were from wine exports,” said Viorica Lopotenco. “The third stage of the appreciation of the euro happened several days ago, when the U.S. currency depreciated against the euro.”
According to the expert, the appreciation of the euro and the depreciation of the leu will generate rises in the prices of imported products. “The increase in the prices of imported products is inevitable. If the exchange rate rises by one percentage points, the traders will put a margin of error and the prices will thus go up significantly,” stated Viorica Lopotenco, anticipating that the leu will appreciate at the end of autumn.
During a month, the euro appreciated by 0.6 lei. For last weekend, the National Bank of Moldova set an exchange rate of 17.47 lei for 1 euro.
