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Van idee, model en/of tekening tot een product op maat. A4 Hydrauliek realiseert uw wensen op cilinder gebied.
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Although the current account deficit end up lower than one year ago after five months, its counterparty in the balance of payments – the capital and financial account surplus deteriorated faster – showing a warring picture of capital movements between Romania and the rest of the world.
While the medium and long term debt continued its rising trend, short-term debt continued to decline – although the EUR 800m shortage in May was the largest this year and significantly larger than the MLT debt accumulation.
MoF raised 70% of the amount initially announced for July. Moreover, in July almost RON 5bn in sovereign papers matured, the banking sector (the main investor in T-bills/T-bonds) preferring to stay more liquid than to reinvest. This could be a reason behind the sharp downside adjustment in the front end of the money market interest rate curve during last week and the lower repo amount this week.
The EUR-RON traded between 4.5180 and 4.5700 on the interbank market last week, with both local clients and offshore names being net buyers. The uncertainties induced by the politicians, as well as the negative reaction of the European Commission and the European Parliament officials against the government’s actions related to the president impeachment have triggered a negative response of investors/economic agents present in Romania.
The euro continued to lose value against the US dollar last week, with EUR-USD falling further from a top of 1.2333 to 1.2160, the lowest point of the last two years.
Catalina Molnar, Senior Economist, RBS Bank (Romania) S.A.