Modest Depreciation Ahead As External Dynamics Weaken

On the back of elevated investor risk aversion, due to the ongoing eurozone sovereign debt crisis, the Romanian leu weakened substantially through the course of 2011 depreciating 6.7% since reaching its 2011 high of RON4.0618/EUR in late Q111. However, the unit now appears to have stabilised, trading around the RON4.3400/EUR level at the time of writing.

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