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Moldova's c-bank 'closely' monitoring FX mkt as leu weakens

Moldova's c-bank 'closely' monitoring FX mkt as leu weakens Moldavian lei Author (SeeNews) License: all rights reserved.

CHISINAU (Moldova), April 18 (SeeNews) - Moldova's central bank, BNM, said it is 'closely' monitoring the domestic foreign exchange market following a sharp depreciation of local leu currency against the euro in April.

"Currently, the domestic foreign exchange market is passing through a temporary readjustment phase, with the volatility, as well the pace of depreciation against the reference currency being closely monitored by the National Bank," the bank said in a press release late on Wednesday.

The Moldovan currency has weakened by 3.2% versus the US dollar to 17.8223 lei and by 3.9% versus the euro to 20.1532 lei since the end of March.

BNM stressed there are no prerequisites for crisis on the foreign exchange market; minor gaps exist between supply and demand but the main market participants demonstrate calm and operate in normal regime.

The central bank said it has sufficient levers for influencing the foreign exchange market, as foreign exchange reserves are enough to cover 4.7 months of imports.

(1 euro = 20.1532 Moldovan lei)

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