Macroeconomic Forecast Romania

Romania's official reserves increased to EUR37.3bn in December, from EUR36.0bn in November. The country's international foreign currency reserves (excluding gold) also increased by 4.6% on a month-on-month basis, or 3.4% y-o-y, to EUR33.2bn, from EUR31.7bn, in the same period. Given our expectation for a widening of the country's current account deficit and narrowing financial account surplus we still expect foreign currency reserves excluding gold to come under pressure in 2012, and forecast them to reach EUR35.0bn by end-year.

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