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http://www.businessweek.com/news/2012-11-23/romania-s-leu-strengthens-to-pare-weekly-fall-yields-advance

Bloomberg News

Romania’s Leu Strengthens to Pare Weekly Fall; Yields Advance

November 23, 2012

The leu gained, paring its decline for the week, and foreign bond yields rose.

The Romanian currency strengthened less than 0.1 percent to 4.5329 per euro by 4:13 p.m. in Bucharest. Yields on 2019 euro- denominated bonds advanced seven basis points, or 0.07 percentage point, to 4.823 percent, according to data compiled by Bloomberg.

Romania’s central bank capped lending at 6 billion lei at its weekly repo auction on Nov. 19 even as demand rose to 30 billion lei, tightening funding for lenders. It started restricting funding on Oct. 8 to support the leu, which slumped to a two-month low of 4.5716 per euro on Oct. 5.

Inflation will end this year at 5.1 percent, the bank said Nov. 7. That compares with an August 6 forecast of 3.2 percent.

A campaign for general elections started on Nov. 9 in Romania as the ruling coalition of Prime Minister Victor Ponta goes head-to-head with the opposition party supporting president Traian Basescu. Parliamentary elections will be held on Dec. 9.

To contact the reporter on this story: Andra Timu in Bucharest at atimu@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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