Romania Forex Reserves Fall To EUR31.7B In November

Market participants speculate the lower foreign reserves were due to repeated interventions in the money market from the central bank to keep the leu from weakening too much against the euro. They estimate the central bank sold over EUR200 billion in the first half of November to prop the national currency.

Foreign exchange inflows rose to EUR1.1 billion in November, from EUR383 million in October. Total outflows reached EUR1.55 billion, down from EUR1.8 billion in the previous month.

The central bank’s gold holdings were steady at 103.7 metric tons, but their value adjusted for international gold price increased to EUR4.27 billion, from EUR4.1 billion in October.