BNR announces a new record: the euro rises to 5.2788 lei, above the level in May

The leu depreciated on Wednesday on the foreign exchange market, while the euro reached a new all-time high, according to the exchange rate announced by the National Bank of Romania at 1:00 p.m. The European currency was quoted at 5.2788 lei, above the level of 5.2647 lei recorded the previous day and above the record set in May.

On the interbank market, the euro rose to 5.2792 lei. At 11:30 a.m., the exchange rate had reached 5.2781 lei, 0.26% above the official reference rate previously announced by the NBR.

The leu’s depreciation is taking place amid a tense economic and political context. Romania is facing an economic slowdown, persistent inflation, and uncertainty regarding the formation of a new government, following the designation of Siegfried Mureșan as prime minister.

The performance of the national currency is also being monitored by rating agencies. S&P representatives are expected in Bucharest for discussions with officials from the Ministry of Finance, the NBR, and other institutions. Romania has a “BBB-” rating from Fitch and S&P, respectively, and a “Baa3” rating from Moody’s, all with a negative outlook.