A recent analysis by ING Bank estimates that the Romanian Central Bank sold between EUR 700 million and EUR 1 billion in the second half of May to prevent the Romanian currency depreciate even more, beyond the RON 4.14 per EUR level. “The foreign exchange reserves grew by EUR 600 million, to EUR 32.7 billion, but in reality it is very likely that BNR sold EUR, to keep the rate at around RON 4.13 per EUR,” according to a recent ING analysis.

The ING analysts estimate BNR was a net seller in May, after having had net purchases of EUR 200 million in April. The BNR rate was of RON 4.1297 on Wednesday, slightly up on the previous day.

editor@romania-insider.com