Increase of the rate leu/dollar is a „short-term perturbation” – experts

During the past three days, including Monday, the currency exchange offices from Chisinau presented an exchange leu/dollar rate higher than the one registered the last week. In general, the exchange desks presented on Monday morning, 22 May, an exchange rate of 13.38 lei for selling and 13.4 lei for buying. Many cashiers of the exchange desks said that they do not know the real reasons of the decrease of the national currency. In the same context, when at the end of last week was forecasted the stable maintenance at the rate of 13 lei, till the end of this year, of the exchange rate of national currency compared to the dollar, the economist Veaceslav Ionitsa characterized the increase of the exchange rate as „short-term perturbation”. The economist considers that this situation could contribute to a temporary deficit of foreign currency on the market, explained by many factors, including a possible decrease of remittances from abroad. In the same context, Ionitsa said that this is related to problems and losses regarding halting wine exports to Russia. According to him, those 20 million dollars, accumulated monthly due to selling wine to Russia, represent only a small share influencing the currency market. Another cause could be, in expert’s opinion, an increased demand for foreign currency on behalf of importers, as lately it was registered an increase of import volumes within the country. The fact that the National Bank did not get involved along these three days in the currency market, in order to supplement currency demand, shows, in Ionita’s opinion, the fact that there is no real need in this sense, „the currency market being left at self-regulation”. In this case, the economist mentioned, within a week or two the exchange rate leu/dollar could get to the previous rate. The economist highlighted that the National Bank did not get involved in the currency market for a year, as the market along this time „self-managed”. He underscored, at the same time, that he keeps his previous assets that till the end of 2006 the exchange rate leu/dollar will vary around 13 lei rate. Until now the National Bank did not make any official appreciation regarding the increase of the exchange rate leu/dollar by currency desks.