OREANDA-NEWS. September 10, 2009. He denied accusations of independent experts maintaining that the National Bank intentionally supports the leu’s exchange rate against major foreign currencies, therefore not contributing to export and provoking a considerable damage to Moldovan exporting companies.

At the conference “Economic crisis in Moldova: identification of the new economic ruling model” Victor Cibotaru presented data which, according to him, don’t point out the existence of the direct connection between the fluctuations of the currency exchange rate and the export volume.

“I’ve already said and am ready to sweat on Bible: the National Bank doesn’t interfere into the exchange rate forming”, Victor Cibotaru said. At the same time, he confirmed that the National Bank made interventions in the market purchasing the excess of currency, or, on the contrary, selling it in certain amounts to prevent a big amplitude of fluctuations.

“If the National Bank didn’t interfere, the currency exchange rate development schedule would look like a cardiogram of a sportsman after a long-distance run”, Cibotaru said. The Vice-President explained that in spring of this year, when there was an increased demand for currency, the National Bank performed sales in the market, but after April, on the contrary, it only purchased currency.

For example, since April through September 2, the National Bank purchased over US135 million in the market. Speaking about the official monetary reserves, Victor Cibotaru said they had reached US 1302.5 million and covered 3.5 months of the critical import.