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Romanian currency loses to Euro

de Radu Big
Joi, 10 ianuarie 2008, 14:14 English | Business

Romanian Leu (RON) reached a record level of 3.68 per Euro, the lowest rate in the past two years. Analysts say that the fall was caused by the aggressive acquisition of European currency by domestic businesses, in order to pay for the massive imports during the winter holidays. Still, banking professionals say that the currency is within the limits of stability for a functional market economy.

"It is normal and it is specific for a capitalism based on a functional market economy. A currency varies compared to another within clear levels. It is a relative stability, not a fixed one. Strict levels of parities are found only in hands-on economic systems and can only cause crisis", said Mugur Stet, spokesman of the Romanian Central Bank, in a statement for Realitatea TV.

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