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Moldova - Buyers 'offers prevail in the foreign exchange market over sellers' supply

Moldova (bbabo.net), - The foreign exchange market of Moldova in 2022 started without the traditional "swing" inherent in the market after long holidays. From the first working days of 2022, buyers of foreign currency actively showed themselves on the market, who, with their demand, pushed the devaluation of the Moldovan leu, infotag.md reports.

Foreign exchange dealers, with whom Infotag spoke on Monday, note that not traditional buyers of dollars and euros - importers of energy resources - have shown enviable activity on the market, but another category of buyers, which most likely simply transferred free funds in lei into hard currency ...

“These days, the National Bank also behaved quite predictably in the foreign exchange market, whose dealers entered the market and participated in terms of volumes, helping banks to satisfy bids for buying dollars and euros, and is now quite confidently approaching the mark of 18 MDL: $ 1 ", - said a dealer of one of the commercial banks.

According to other professional market participants, without the participation of the NBM, the leu exchange rate would have "crossed" the psychological threshold of 18 MDL: $ 1.

"The exchange rate of the national currency is also kept afloat due to the fact that there is a certain category of hesitant buyers of the currency, which hopes that the leu will be able to win back its positions, returning to the more usual mark for the market at 17.50 MDL: $ 1. But the situation is not the market prompts that no one will artificially support such a rate, and therefore, taking into account inflation, the leu will slowly give up its positions in front of the euro and the dollar, "the source said.

Some market participants believe that the unusually strong demand for the currency at the beginning of the year was due to the closure of important import contracts.

"The second decade of January will show how the leu will feel. But the preconditions and expectations of the market participants are such that the time has come for the leu to drop below the exchange rate mark of 18 MDL: $ 1," say professional market participants.

On Monday, January 10, the NBM set the leu exchange rate against the US dollar and the euro at the level of 17.8891 MDL: $ 1 and 20.2407 MDL: 1 euro, slightly weakening the leu rate against the dollar-euro currency pair.

Moldova - Buyers 'offers prevail in the foreign exchange market over sellers' supply