Romanian currency close to 3-year low against euro as political crisis takes center stage

With negotiations for the formation of a new government at a standstill, the Romanian RON took a battering against the main foreign currencies on Wednesday.

The Romanian currency lost 0.10 percent against the European common currency, trading at RON 4.5409 for one EUR compared to Tuesday, according to the exchange rate published by the National Bank of Romania.

This was one of the lowest levels of the RON against the euro in the past three years. For instance, on January 10 2014, one euro was worth RON 4.5447.

Today, the US dollar has also appreciated by 0.25 percent against the Romanian currency compared to Tuesday’s exchange rate, with one USD worth RON 4.3504.

The Swiss franc also went up by 0.23 percent against the local currency, trading at RON 4.2322 for one CHF.

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The price per gram of gold, meanwhile, fell by 0.06 percent to RON 159.4239.

The head of the left-wing PSD party, Liviu Dragnea, could say today if his party will start the suspension procedures of president Klaus Iohannis, after the head of state rejected the designation of Sevil Shhaideh as PM.

The suspension of the president is the first step of the impeachment procedure which also requires a public referendum with a turnout of at least 30 percent of the Romanians eligible to vote. They will say if they want president Iohannis to remain in office or not.

Ovidiu Posirca