Romanian Prognosis Comm Sees '09 Avg Leu Exch Rate At RON4 Vs Euro

The National Prognosis Commission, or CNP, sees the average exchange rate of the Romanian leu at RON4 against the euro, weaker than the RON3.6 to the euro exchange rate it predicted in October 2008, the commission said Monday in an interim forecast.

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CNP forecasts the 2010 exchange rate at RON4.09 to the euro, also weaker than the commission’s fall prediction of RON3.5 to the euro.

The Romanian currency started at the end of last year a descending path, and the leu touched an all-time low, on January 13, when the central bank computed an indicative of RON4.2985 against the euro.

The Romanian Prognosis Commission forecasts the descending path will continue in the coming years, reversing its October predictions when it estimated the leu will continue to appreciate in the next few years.

Thus, CNP is now predicting the leu average exchange rate at RON4.17 to the euro in 2011, RON4.24 to the euro in 2012, and RON4.31 to the euro in 2013.

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