Expert: The Moldovan leu enjoys stability
"In the last five years, the Moldovan leu has enjoyed stability compared to 10 currencies of the main commercial partners of the Republic of Moldova," said economic expert Veaceslav Ioniță.
According to him, since 2019 the weighted average exchange rate of the Moldovan leu fluctuates insignificantly, and is currently 0.7% lower than last year, but 0.9% stronger than in 2019.
The 0.7% depreciation of the leu from the first week of 2023 compared to the first week of 2022 is mainly determined by the depreciation of the national currency against the Russian ruble, the US dollar and the Czech crown, said the economic expert Veaceslav Ioniță, who made an analysis on this topic. On the other hand, the Moldovan leu, in 2022, appreciated significantly against the Turkish lira by 23.4% and the Ukrainian hryvnia by a little over 20%. Against the euro, the leu experienced a slight depreciation of 0.8%.
However, compared to 2019, the Moldovan leu, in the first week of 2023, is 0.9% stronger. This is primarily due to strong appreciation against the Turkish lira, Ukrainian hryvnia and Belarusian ruble. At the same time, during this 5-year period, the leu depreciated against the US dollar, the Czech crown and the Chinese yuan.
Veaceslav Ioniță also stated that if we analyze the two main currencies, the euro and the US dollar, then we can see that regardless of the fluctuations during 2022, the leu starts this year approximately at the same level for at least 5 years already.
The economic expert highlights four factors that influenced the exchange rate in 2022. Thus, as far as the negative factors are concerned, it is the increase in the price of energy resources and the war in Ukraine, and two other factors are positive - such as external financial support and the correct intervention of National Banks on the foreign exchange market.
