The Romanian currency surprisinglystrengthened against the euro at the beginning of this year, by3.5%, thus challenging analysts' expectations, who had anticipateddownward pressures put on it rather than anything else, but itstill lags way behind its peers in the region, the Polish zloty andthe Hungarian forint. The euro is now trading in Bucharest for 4.07RON, only 5.5% lower from the all-time peak reached in January2009, of 4.31 RON, when everybody bet on the collapse of CEEemerging currencies. In the same four quarter of 2009, both thezloty and the forint reached all-time lows against the euro, butboth currencies have gained around 20% since then. This verydifference from the rebounding neighbouring currencies and therelatively high level of interest rates on the Romanian market arein fact the main reasons for the current high interest in theRomanian currency, which has constantly avoided regionalcorrections lately. NBR officials have showed, starting as early aslast autumn, that a too strong RON increase is not desirable as itmay again hurt exports, the only engine now working towards aneconomic rebound.
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