Exchange stress. Economic expert explains why Moldovan national currency decreased that much
Veaceslav Ionita expert in economy says that in the first 17 days of April, the exchange rate for Euro raised five times more than in the past three years. The specialist explains what happens and called this phenomenon an "exchange stress".
"This exchange is only available in two situations. In the 2,5 weeks of April, the exchange oscillated by 3%, which is more than in the first trimester of 2019. We don't even react to a 1,5-2% oscillation. A 1% depreciation is not even noticed", mentioned Veaceslav Ionita.
According to the expert, the depreciation of leu this year is the highest over the past three years.
"I want to tell you that this phenomenon is explained by some political events. We will get the data for March this week. But, in February, the deficit is worth 250 million USD. This is why, the National Bank can't allow a suddenly depreciation. The costs of the intervention reach 216 million USD. As a result, the country's resources have been reduced from 3.04 billion USD to 2.82 billion USD", said Veaceslav Ionita.