The solid performance of exports, which in September reached a 3.5bn-euro monthly high, does not show in the volume of forex market deals, which dropped further in October.
The volume of forex deals sealed on the interbank market
declined significantly in October from previous months after having
reverted to a level similar with the 2008 one during summer.
Domestic banks’ dealers traded 30.4bn euros on the Bucharest
market, down 19% from the 37.6bn-euro record high posted in June.
The deal volume rose, however, by 9% from October 2009, much less
compared with previous months, when the annual growth pace reached
as much as 60%, according to NBR data.
During summer, the stepped up activity on the Bucharest forex
market reflected a rebound in exports and imports, as well as the
rising RON liquidity. However, dealers had expected, as early as
two-three months ago, investors’ aversion to risky assets to
increase towards yearend.