This comes after the effervescence recorded in May-July as a result of the shock caused by the international financial crisis.
The year-on-year volume fell for the first time in four months, down 3% against August 2011. Transactions recorded in August 2011 had amounted to EUR34.8 billion, according to data from Romanian central bank BNR. Dealers suspected interventions of the central bank aimed at stemming the leu’s depreciation, but they were limited and did not manage to stimulate transactions.
“August is a holiday month and transactions tend to decline during this time of the year. BNR was present on the forex market, but did not have to intervene too much given the low traded volumes,” explained a dealer.
The volume of transactions declined visibly in August despite the fact that the volatility of the exchange rate remained high, with the euro being worth RON4.46 at the end of the month after in the first few days of August the leu had weakened to a historic low of RON4.65 to the euro.
Exports and imports had weak growth rates in the past few months, with volumes traded by commercial clients remaining modest. The market is influenced by the capital of foreign players, with the pressure on the exchange rate in May-July being generated in part by foreign investors who cut their exposure to Romanian government bonds, exchanged the resulting lei for euros and transferred them abroad.
Transactions on the forex market had reached EUR41.7 billion in May, the highest level in six months amid higher tensions on the external financial markets and the escalation of the internal political crisis.
The volume of transactions remained close to EUR38-39 billion in June and July too, when the leu lost ground fast to the euro.
(English version by Daniela Stoican)