Macro: COVID-19 FX Update Part 4: RON - Stability-fixation meets (too) many open questions
- Romania is facing weighty twin deficits, which might be problematic to completely finance on markets in challengingcircumstances
- RON the last counter-balancing factor left on the table did not depreciate significantly up to now compared to most
CEE peers; in current crisis times with ultra-high uncertainty, we see BNR strongly committed to FX stability
- Nevertheless, going forward we expect the RON to depreciate gradually, while there are (overshooting-)risks
- Currently, Romania is considering all possible funding sources for the deficit, including international institutions
This Research was produced and first published by Raiffeisen Bank International AG which is supervised by the Austrian Financial Market Authority and the National Bank of Austria.
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