The year 2011 will not bring tensions on the local financialmarkets, the RON will start on a trend of slight appreciation,interest rates on the monetary market will remain low amid excessliquidity, and the state will continue to finance itselfproblem-free, while on the Stock Exchange the "historic event" willbe flotation of Fondul Proprietatea (Property Fund), anticipatesClaudiu Cercel, vice-president of financial markets of BRD-SocGen,the second-largest bank on the Romanian market.
"I don't expect tension on the financial markets this year,especially since we are starting off with positive data, we havehit budget deficit target set for 2010, foreign confidence hasincreased in the past two months, and on Friday we will have goodnews from the IMF, as well. Questions remain over external factors- if something bad happens with Spain , it will be felt promptly ininterest rates."
Over the past few months, CDS-es (the cost of insuring Romania'sdebt against default (country risk premium) have remained below 300basis points, 80 points lower than Hungary's. The increasedconfidence abroad has also reflected in the absence of significantpressure on the RON/euro exchange rate, which allowed for lowinterest rates to be preserved on the interbank market.
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