Starting from last week, the leu is seen depreciating against the dollar and, consequently, against the euro and other currencies, owing to interventions carried out by the Moldovan National Bank (BNM), Financial Brains director PhD Sveatoslav Mihalache has told Info-Prim Neo. According to him, the BNM interventions, consisting of purchases of US dollars for lei, have surprised the domestic dealers with their intensity. Moreover, the behavior of the central bank is rather unusual – whereas the BNM traditionally buys dollars from the interbank market at the official rate set for a given date, starting from last week the BNM is willing to offer banks better prices. For example, last week the dollar sold on the interbank market at rates up to 11.40 lei; yesterday it reached 11.60 lei, while the official rate was merely at around 11.30 lei. It may be supposed, says Sveatoslav Mihalache, that the BNM is resorting to these interventions to depreciate the leu and thus alleviate a number of budgetary burdens, including the budget gap. Suggestive in this sense is the exchange rate USD/MDL of 12.53 that was established by the government in the 2010 budget bill. This, according to Sveatoslav Mihalache, could be not just an estimation, but also a target to reach. Anyway, that level won't be reached overnight, but gradually, and it is important to avoid panic behaviors like those seen in October. The first resistance level for the leu is situated at 11.70/80 lei per US dollar. This level is rather solid and is expected to remain so for some time, safeguarded by monetary aggregates. “Oscillations are unavoidable but it is important to avoid panic on the market”, underlined Mihalache. [Year-end Euro] The euro also surprised the international traders, plummeting from the near-record level of $1.5070 late last week to $1.4740 yesterday. Now it trades at $1.4830. A prediction valid until the end of the calendar year is that the euro will further decrease against the dollar to levels around $1.4450, due to extensive position-closing activity. Gold, currently deemed overbought, is also expected to decrease by the year's end, from $1,220 to $1,100-1,080 per ounce. Oil could fall to $73 a barrel. For further details visit www.fb.md or www.financialbrains.eu