Exchange rates of the main reference currencies against leu got stable

The last week, the National Bank of Moldova, as well as the experts of the currency market noted a stabilization of the exchange rates of the main reference currencies, USD and EUR, against the national currency. Though, the exchange rate MDL/USD stabilized at a higher rate compared to May, when BNM registered the first speculative tendencies on the market. The manager of the Information and Consultation Agency “Financial Brains”, dr. Sveatoslav Mihalache, announced that at present the exchange rate MDL/USD stabilized at the figure of 13.35 average selling-buying rate. According to him, along these two months, the rate MDL/USD might get to 13.5 or even 13.6 lei per dollar. According to Mihalache, it is known that on the inter-banking market, BNM sold and continues to sell dollars, as it has promised, in order to stablize the exchange rate. He reiterated that the excessive demand for foreign currency, which led to the depreciation of the national currency, was created by the “obsession” related to halting wine exports to the Russian Federation. Now there is a hope that soon new market for selling Moldovan wines might be found, along with their promotion in China and in the European Parliament. At the same time, Mihalache noted that if till autumn the state does not manage to find new markets, and wine selling does not reach to the previous level, a “light” depreciation of the national currency is to be expected again. The financial analyst „does not see anything bad” in the fact that the leu is decreasing against the dollar, this situation is rather convenient for exporters, who, changing the currency at a higher rate, get higher profits. Those who register losses as result of the depreciation are the importers. Concomitantly, the expert underlined the fact that the leu is “slightly depreciated” acts in favor of stopping the increase of the trade balance’s deficit. Mihalache underscored that it is difficult to make any long-term forecasts regarding the rate of the leu against the euro, as there are many factors influencing the rate, especially macroeconomic indicators of USA and Europe, as well as geo-political situation in the East. For a week, the analysts of „Financial Brains” consider that fluctuations of the currency couple EUR/USD will get to 1.25 – 1.2650. On Tuesday, June 13, the official exchange rate, set by BNM, was 16.7 leu per euro and 13.25 per dollar.