Forex market transactions peak in October

The volume of transactions on the Bucharest forex market reached a new all time high in October, at a little over 59bn euros, exceeding even the peak reached in September, according to ZF calculations. Both inter-bank transactions and those with clients saw a major rise, to record values in October. According to data from the NBR (National Bank of Romania), the average daily traded volume amounted to 2.57bn euros, from 1.95bn euros in the previous month. Therefore, transactions conducted in October far exceed the volume cumulated in September, of nearly 43bn euros. In October, trading amounted to 36bn euros, i.e. a 39% decline. “The market was definitely much more active in October, as a result of a speculative attack on the RON. Non-residents made up much of the market, but the result was that they exited the market seeing losses. However, the market has calmed down lately, with the exchange rate finding a balance at 3.7 RON/EUR, and I am expecting a period of stability to follow,” comments Ionut Dumitru, chief economist at Raiffeisen Bank.