The consequence of the first circular of presidential elections hits Romania's national currency. The euro exceeded the price of 5 lei in the interbank marketplace in the face of political and fiscal uncertainty.
Only on Monday, the National Bank of Romania (NBR) spent EUR 2 billion to keep the stableness of the funnel following George Simion's triumph in the first circular of the presidential election.
The force on national currency began on Monday morning and intensified in the afternoon as investors tried to get free of lei and buy euro to defend their deposits.
The markets reacted after the results of the first circular of presidential elections gave George Simion, a right-wing candidate, first place with over 40% of the vote.
Bucharest Stock Exchange ended Monday's session with a decline of nearly 3% and the Ministry of Finance could not borrow on Monday, as the costs were besides high.
George Simion promised to fight any EU policies. Romania's improvement now depends on European funds which are crucial for large infrastructure and social welfare projects.
George Simion has repeatedly promised that if he wins the presidential election, he appoints Prime Minister Călin Georgescu, a politician who won the first circular of presidential elections last year. The Constitutional Court of Romania subsequently cancelled the results of the vote due to alleged interference of Russian services in the electoral process.
Călin Georgescu promised during his election run nationalization, including the nationalization of agricultural land and talked about Romania's exit from NATO. Simon, on the another hand, is Eurosceptic, but he powerfully advocates Romania's membership of the North Atlantic Alliance.
The second circular of the presidential election will be held on 18 May. Simion's competitor is the mayor of Bucharest, Nicușor Dan, who presents a pro-European direction in politics.
Source: G4Media.ro
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