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Raiffeisen Bank, Focus FX: EUR/RON: 4.169 to 4.10 (June)

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Publicat la: 2010-05-25 17:20 Ultima actualizare: 2010-05-25 17:20

Raiffeisen Bank, Focus FX: rnrnOn Monday, Romanian financial markets were closed due to a national holiday. On Tuesday, the EUR/RON rate opened trading slightly below 4.19, near where the rate traded for most of last week. rnrnWe do not expect large fluctuations in the exchange rate in the coming period. We think that external factors will remain the main exchange rate drivers in the period ahead, but that domestic developments should also be closely monitored. rnrnThe Government announced that it would take responsibility in Parliament for the fiscal measures it announced several weeks ago (cut in public wages by 25% and in pensions and other social transfers by 15%). rnrnThis could happen this week or at the beginning of the following one. The opposition parties announced that they would call a no-confidence vote on the Government. The labour unions and some associations of employers announced that they do not agree with the measures as well. If the Government fails to pass the measures in Parliament, then delays could occur in the SBA with the IMF. rn

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