Steep fall on forex market in November

The volume traded on the Bucharest forex market plummeted in November, to 33 billion euros, just over half the volume recorded in October, which was the tensest month in the last fifteen years in Romania. This fall is due to speculations being down, especially from large foreign players, but the biggest cause for concern is the slowdown of the economy. October had brought a record trading volume on the Bucharest market, which slightly exceeded 59 billion euros. The November level is lower even than the one recorded in November 2007, when the volume of trading amounted to almost 39 billion euros, reveal data of the National Bank. This is the first time in the last few years when such a volume decline takes place. Both the volume of interbank transactions and of those between banks and their clients fell in November against the preceding month. October was the most dramatic month for the Romanian financial market, with the Romanian market replicating what happened on the international markets. The RON was attacked by international players, which tried to prompt a collapse in the exchange rate, just like they did in Hungary, Ukraine and Poland. That is why the sums invested on the forex market were huge for Romania.