The euro climbed to a 16-month high of 3.65 RON on the Bucharest market and was sustained by aggressive buying by foreign investors, who closed their positions on the local market. Sources from the NBR say that large investment funds, which entered the market at an exchange rate of 3.2-3.3 RON/EUR (with their money being placed in deposits in RON until now), decided yesterday to close their positions and exit the market. Foreign currency outflows exceeded one billion euros during yesterday's trading session. During this period, funds took advantage of the higher interest rate for RON deposits, but some of the profits were erased by unfavourable exchange rate variations. For the time being, NBR officials have not made any public statements in order to slow down the heavy increase of the exchange rate, and the central bank did not make its presence felt on the forex market. Yesterday, the NBR released the translation of an interview given by Governor Mugur Isarescu in South Africa last Saturday, in which he says that the central bank is trying to keep its intervention on the market to a minimum, although it reserves the right to act without any clear notice and without comment. The Governor's adviser, Lucian Croitoru, made the only official comment from the NBR. "The RON's depreciation would have begun in autumn anyway even without an external financial crisis, because July's exchange rate level was unsustainable, which would have led to a natural balancing trend," stated Lucian Croitoru.
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