Romania's FX reserves record a marginal increase in January

Romania's FX reserves saw a marginal increase in January, increasing to €31.5bn from €31.2bn in the previous month.By our estimation this suggests the NBR purchased about €0.3bn of hard currency the past month as it stemmed the rally of the RON.This estimation is...

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 E-mail article  Print  Save Additional News in English Još vesti na Srpskom Επιπλέον ειδήσεις στα Ελληνικά  Text

Romania's FX reserves record a marginal increase in January



ING - 04.02.2013

Romania's FX reserves saw a marginal increase in January, increasing to €31.5bn from €31.2bn in the previous month.
By our estimation this suggests the NBR purchased about €0.3bn of hard currency the past month as it stemmed the rally of the RON.
This estimation is very close to our updated calculation for December and is a surprise for us as we inferred from the intraday trading pattern that the NBR had picked up significantly more hard currency during the past month, possibly almost €1bn.
Assuming FX interventions were relatively small, this would suggest the market force of the recent rally was not far from the end result that was visible in the market following the supposed NBR interventions. This would not bode well for the RON.
Source: bne


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