Romanian currency slips to year low

The Romanian currency reached a year-low yesterday when the Romanian Central Bank (BNR) posted an exchange rate of RON 4.08 rate for EUR. This was 4.15 bani below the exchange rate on Friday last week. BNR representatives have previously said they couldn’t see any reason for the appreciation of the Romanian currency, with interest rates having dropped. The average RON to EUR exchange rate last year was of RON 4.23/EUR, while in 2008, it was of RON 3.68 per EUR. At the beginning of January last year, the exchange rate was of RON 4.02 per EUR. The peak of the rate was of RON 4.31 per EUR towards the end of January last year, according to data from BNR.