Foreign exchange market

Romania's switching to the European single currency, the euro, is likely to be postponed until 2030 due to the ongoing coronavirus crisis, Dragos Cabat, a member on the CFA Society Romania board, said on Tuesday, noting that there should be a decision at the political level to attempt to try to enter at least the Eurozone antechamber and meet the Maastricht conditions again.

"We expect our country to join the eurozone in 2024. The main tasks of the Bulgarian Government on the way to achieving this goal are related to the fulfilment of the subsequent commitments under the Roadmap after the accession of the Bulgarian Lev to ERM II, as of July 10, 2020. 

In November, President Recep Tayyip Erdogan appointed a new finance minister and central-bank governor. Subsequently, the country's monetary-policy framework underwent a long-overdue normalization (with a cumulative rate hike of 675 basis points in two months), and the lira regained 10% of its lost value by the end of the year.

Lebanese protesters took to the streets in Beirut and other cities on June 13 in mostly peaceful protests against the government, calling for its resignation as the small country sinks deeper into economic distress.

It is official that the Eco will replace the CFA franc as the new currency for the eight Francophone countries that form the West African Economic and Monetary Union (UEMOA).

France's Council of Ministers officially passed a bill earlier this month that ratified the reform of the monetary agreement that bound the French government to the eight member states.

The Bulgarian National Bank will put a new 10 Leva banknote into circulation on June 12, 2020. The overall design of the banknote will not be subject to any significant changes as compared to the 10 Leva banknotes which are already in circulation.

This can mean a lot of different things: use by banking systems, more applications in everyday transactions, and so on. But it can also be tied to the potential for blockchain technology to be applied to investment markets. This is something that is already being discussed fairly commonly with regard to forex trading. In fact, it's even being implemented.

The collapse of the national currency, which has gone from 4.7 RON to 4.8 RON per euro, is worth 2 bani (the lowest subdivision of the Romanian currency, 100 bani equals 1 RON - e.n.), and presently it doesn't even reach that, said on Sunday Adrian Vasilescu, strategy consultant at the National Bank of Romania. "There is much talk these days.

The contracts concluded for the provision of services or for the utility supply can be expressed only in lei, if both the issuers and the recipients are Romanian residents, stipulates a legislative proposal initiated by Social Democratic Party (PSD) Senator Daniel Zamfir. "As promised, I submitted the draft law on contracts and payment of invoices on Romania's territory.

As of February 29, 2020, the forex reserves of the National Bank of Romania (BNR) rose by 0.9 pct, to EUR 35.830 billion, from EUR 35.505 billion at January 31, 2020, the central bank announced in a release sent to AGERPRES on Monday.