In January, the official average monthly exchange rate of MDL against USD rose from 13.0645 MDL per 1 US dollar in December 2006 up to 12.9863 MDL per 1 USD dollar in January 2007. During this month, the official exchange rate of the Moldovan Leu had a downward trend. In early January the exchange rate of MDL against USD stood at 12.9050, while in late January – 12.9690 MDL per 1 US dollar. By the end of January, compared to the end of December, the Moldovan Leu fell 0.52% in nominal terms and rose 0.17% in real terms. Thus, the increase was directly proportional to the rate of inflation in Moldova and inversely proportional to the level of inflation in the USD. The total volume of US Dollars transacted on the inter-banking market by banks in January 2007 totalled USD 30.1 mln, dropping by USD 49.8 mln as against the previous month. During the analysed period the National Bank of Moldova (BNM) did not intervene in the inter-banking market. The official average monthly exchange rate of MDL against EUR firmed to MDL 17.2526 in December from MDL 16.9027 per euro in January. Concurrently, at the beginning of the month, the official average monthly exchange rate of MDL against EUR stood at MDL 16.9740, while at the end of the month – at MDL 16.8034. The official average monthly exchange rate of MDL against RUB rose from 0.4968 lei in December up to 0.4905 lei in January. At the beginning of the month, the official average monthly exchange rate of MDL against RUB stood at 0.4894 lei, while at the end of the month – 0.4886 lei per RUB 1.