Romania's National Bank (BNR) announced a reference exchange rate of RON 4.6551 per EUR on November 21, an absolute high.

The euro recorded other historical highs in November, with the highest rate of RON 4.6495 being recorded on November 13.

The euro could exceed RON 4.7 by Christmas if “political surprises continue”, financial analyst Claudiu Cazacu told Mediafax.ro. These estimates only refer to domestic influences, as "foreign players still trust us,” he explained.

The euro could increase to more than RON 4.8 if foreign investors’ confidence were damaged.

The depreciation of the national currency over the threshold of RON 4.6/EUR was due to fiscal uncertainties, as well as the central bank’s more relaxed attitude towards the exchange course. The increasing trade and current account deficits also supported the RON depreciation.

editor@romania-insider.com