11 december


The National Bank of Moldova (NBM) keeps Moldovan foreign currency market on short rations, leaving unsatisfied applications for foreign currency purchase from a number of banks.

According to banks’ dealers, two days of calmness and consolidation on the currency market led to the fact that on Wednesday applications from six banks on currency purchase remained unsatisfied, because the market regulator dealer sold currency only to eight banks.

“On Wednesday, the NBM dealer sold US$15 million. Such intervention allowed starting auction from the position 15.38 lei:US$1 and bring it to 15:31 lei:US$1”, said the Infotag interviewee.

He supposed that due to such “currency malnutrition” of market participants, the US dollar selling rate will be at the level of 15.4 lei:US$1, while purchasing of American currency will be carried out at a price slightly higher than 15.3 lei:US$1.

“Many dealers can not understand the desire of foreign exchange offices to speculate for further depreciation of Moldovan leu, due to which they agree to buy a lot of expensive dollars, not taking care that nobody will buy such currency from them”, say the market participants.

The second moment, which provokes sad thoughts, is the fact that the regulator does not intend to fully satisfy applications for currency purchase. Though it is absolutely clear that the NBM’s selling of currency over the recent two days worth US$10, US$15, US$20 million can easily satisfy everyone, including foreign exchange offices, who are speculating on the people’s agitation.

Market participants forecast that starting from the second half of December, more active buyers of currency will be banks, which will be satisfying demands of energy resources’ importers, mainly Moldovagaz and Union Fenosa. At the same time, there is a hope for a more active selling of currency by population before Christmas and New Year holidays, which will allow meeting the demand for it not only due to market regulator’s interventions.

Infotag’s dossier: Since the beginning of 2014, Moldovan leu depreciated by more than 16% against US dollar, which is at times less in comparison with Russian ruble or Ukrainian hryvna, but which is 6% more than Romanian leu.