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Dec 14, 2009 18:06 EEST
December 14 (SeeNews) - The Romanian leu closed stronger against the euro on Monday amid a calm trading session, as the market is awaiting the outcome of the visit of an IMF team to the country this week, dealers said.
A technical team from the International Monetary Fund (IMF) started on Monday a three-day visit to Romania to discuss the country’s 2010 budget under a 20 billion euro aid package signed earlier this year. It is still unclear when Romania will receive the third tranche under the deal, whose disbursement was delayed due to political instability in the country. Romania’s interim Prime Minister Emil Boc said on Monday that the country is likely to receive the third tranche in January.
The leu closed at 4.2465/2505 per euro versus 4.2590/2615 per euro on Friday.
The local currency showed no reaction to the start of the IMF mission, but the market is eyeing the results of the visit and developments on the country’s political scene this week, one dealer told SeeNews.
The leu opened at around 4.2525 per euro and was traded between an intraday high of 4.2430 per euro and intraday low of 4.2540 per euro, the dealer added.
Political uncertainty is still high in Romania as the country is governed by an interim cabinet since October when the minority government fell in a no-confidence vote. Moreover, Romanian opposition Social Democrats have asked the Constitutional Court to cancel the results of the presidential run-off vote held on December 6 and to repeat the elections over alleged fraud. The Constitutional Court is yet to rule on the matter.
Incumbent Traian Basescu has won 50.33% of the vote, while the Social Democrats' leader Mircea Geoana has come close second with 49.66%, according to official results.
Romania's central bank, BNR, set its reference exchange rate at 4.2496 lei per euro on Monday, compared to 4.2477 on Friday. For the U.S. dollar, the BNR set its reference exchange rate at 2.9019 lei versus Friday’s 2.8774.
Turnover on the interbank leu deposit market rose to 3.051 billion lei on Friday from 3.030 billion lei on Thursday. The BNR will issue Monday’s turnover figures on Tuesday.
Interest rates on overnight leu deposits fell to 9.95%/10.45% on Monday from 10.35%/10.85% on Friday.
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