Biggest domestic market is picking up: forex operations climb by 13%

The forex market, the biggest domestic market, last year managed to return to growth after having plummeted in 2009, with the total volume of operations going up by 13%, to 397bn euros, namely more than three times the value of GDP.

The market rebound was directly tied to the spectacular leap of exports, which last year advanced at a rate of almost 30%, doubled by imports, which also increased by around 20%. Instead, quote stability cut foreign players’ appetite of betting on the RON, and this was visible. The total 2010 operation volume is still far from the 465bn-euro peak registered in 2008.
“The export and import increase was visible in the rising volumes against 2009, but the move cannot be spectacular, as volumes generated by institutional players, particularly non-resident ones, are lacking. These can bring a volume and market depth increase, as it was seen in 2008,” says Cosmin Bucur, head of RBS Bank treasury.