The Moldovan leu is relatively stable against the main foreign currencies, but has depreciated by about 9% against the U.S. dollar so far this year. It has also slightly appreciated against the euro given that the euro depreciated against the U.S. dollar on international stock exchanges, the governor of the National Bank of Moldova Octavian Armașu stated in a news conference. He assured that there are sufficient reserves for interventions, IPN reports.
According to him, the exchange rate on the market reflects the currency supply and demand. “We have rather robust currency supply on our market. This comes primarily from exports of last year’s agricultural products. Last year we had a record agricultural production and those exports continue this year. The first and second quarters and even the start of the third quarter continue generating revenues,” said the governor.
He noted that the remittances have grown, primarily during the past three months. The remittances also support the situation on the currency market and internal consumption. This way, these factors create a situation when the leu is very stable.
“What will happen next? The heating season is coming, when the currency demand is usually larger than the currency supply. As a rule, the NBM intervenes to prevent shocks and excessive volatility. We will act similarly the coming heating season even if the pressure is greater. We have sufficient reserves. The last statistics show that the foreign exchange reserves exceed US$4 billion. I think this is enough to ensure stability on the market,” stated Octavian Armașu.
