175m euro bought by NBR in July

The National Bank last month was a net buyer of foreign currency from the forex market, with the heavy fluctuations of the EUR/USD rate on the international market – directly and indirectly impacting on the Bucharest market, pushing about 175 million euros in the central bank’s vaults deliberately or not. Actually, the release of the information about the situation of the foreign currency reserves in late July also clears the mystery of last month’s interventions of the central bank on the forex market. And this is because they were rather indirect, quite shaded and came at more or less expected times. The dollar last month was at its highest against the euro since May, reaching as much as about 1,1125 for one euro, as soon as the Federal Reserve chairman Alan Greenspan said he was optimistic about the US economy posting sold growth. ZF