{"id":44627,"date":"2010-12-09T08:59:27","date_gmt":"2010-12-09T08:59:27","guid":{"rendered":"https:\/\/bm.dev.synology.me\/?p=44627"},"modified":"2026-04-02T19:01:24","modified_gmt":"2026-04-02T19:01:24","slug":"unde-va-ajunge-cursul-leului-previziunile-deutsche-bank-erste-bcr-si-raiffeisen-pentru-2011","status":"publish","type":"post","link":"https:\/\/bm.dev.synology.me\/?p=44627","title":{"rendered":"Unde va ajunge cursul leului? Previziunile Deutsche Bank, Erste\/BCR si Raiffeisen pentru 2011"},"content":{"rendered":"<p><!--[if gte mso 9]><xml>\n<o:DocumentProperties>\n<o:Version>12.00<\/o:Version>\n<\/o:DocumentProperties>\n<\/xml><![endif]--><!--[if gte mso 9]><xml>\n<w:WordDocument>\n<w:View>Normal<\/w:View>\n<w:Zoom>0<\/w:Zoom>\n<w:TrackMoves \/>\n<w:TrackFormatting \/>\n<w:DoNotShowPropertyChanges \/>\n<w:HyphenationZone>21<\/w:HyphenationZone>\n<w:PunctuationKerning \/>\n<w:ValidateAgainstSchemas \/>\n<w:SaveIfXMLInvalid>false<\/w:SaveIfXMLInvalid>\n<w:IgnoreMixedContent>false<\/w:IgnoreMixedContent>\n<w:AlwaysShowPlaceholderText>false<\/w:AlwaysShowPlaceholderText>\n<w:DoNotPromoteQF \/>\n<w:LidThemeOther>RO<\/w:LidThemeOther>\n<w:LidThemeAsian>X-NONE<\/w:LidThemeAsian>\n<w:LidThemeComplexScript>X-NONE<\/w:LidThemeComplexScript>\n<w:Compatibility>\n<w:BreakWrappedTables \/>\n<w:SnapToGridInCell \/>\n<w:WrapTextWithPunct \/>\n<w:UseAsianBreakRules \/>\n<w:DontGrowAutofit \/>\n<w:SplitPgBreakAndParaMark 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*\/\ntable.MsoNormalTable\n{mso-style-name:\"Tabel Normal\";\nmso-tstyle-rowband-size:0;\nmso-tstyle-colband-size:0;\nmso-style-noshow:yes;\nmso-style-priority:99;\nmso-style-qformat:yes;\nmso-style-parent:\"\";\nmso-padding-alt:0cm 5.4pt 0cm 5.4pt;\nmso-para-margin:0cm;\nmso-para-margin-bottom:.0001pt;\nmso-pagination:widow-orphan;\nfont-size:11.0pt;\nfont-family:\"Calibri\",\"sans-serif\";\nmso-ascii-font-family:Calibri;\nmso-ascii-theme-font:minor-latin;\nmso-fareast-font-family:\"Times New Roman\";\nmso-fareast-theme-font:minor-fareast;\nmso-hansi-font-family:Calibri;\nmso-hansi-theme-font:minor-latin;\nmso-bidi-font-family:\"Times New Roman\";\nmso-bidi-theme-font:minor-bidi;}\n<\/style>\n\n\n<![endif]-->&#8220;Va fi nevoie probabil de cativa ani pentru a recupera<br \/>\npierderile de pe urma recesiunii, dar traiectoria de crestere<br \/>\neconomica va fi mai echilibrata&#8221;, apreciaza analistii Deutsche<br \/>\nBank. &#8220;Daca programul de ajustare fiscala continua, rezultatul va<br \/>\nfi impresionant &#8211; o ajustare de 2,5% a deficitului structural in<br \/>\n2011 ar fi mai mult decat dublu fata de orice alta economie<br \/>\nemergenta.&#8221;<\/p>\n<p class=\"MsoNormal\">Leul va pierde probabil pana la 2,3% din<br \/>\nvaloare fata de euro pana la sfarsitul anului viitor, din cauza<br \/>\ncererii globale mai slabe care va face ca exporturile romanesti sa<br \/>\naiba nevoie de o stimulare a competitivitatii. Caroline Grady si<br \/>\nMarc Balston, analisti ai <a target=\"_blank\" href=\n\"http:\/\/www.businessweek.com\/news\/2010-12-08\/deutsche-bank-says-romanian-leu-may-drop-to-4-4-per-euro-in-2011.html\"><br \/>\nDeutsche Bank<\/a> din Londra, estimeaza un curs de 4,3 lei\/euro<br \/>\npeste trei luni, fata de 4,3 in prezent, respectiv de 4,4 lei\/euro<br \/>\nla sfarsitul anului viitor, notand ca BNR are un &#8220;apetit limitat<br \/>\nfata de aprecierea leului&#8221;, in contextul in care cresterea<br \/>\neconomica in 2011 este asteptata sa fie relativ slaba.<\/p>\n<p class=\"MsoNormal\">Deutsche Bank estimeaza o scadere a PIB de<br \/>\n1,9% in 2010, urmata de o crestere cu pana la 1,5% la anul, in<br \/>\nlinie cu previziunile FMI. Inflatia ar urma sa scada la 7,6% pana<br \/>\nla sfarsitul anului, de la 7,9% in octombrie, si sa ajunga la 4,1%<br \/>\nla finele lui 2011.<\/p>\n<p class=\"MsoNormal\">In privinta acordului cu FMI, incheierea la<br \/>\nprimavara a unui acord preventiv nu va intampina probleme, fiindca<br \/>\nRomania n-are niciuna dintre problemele care ar impiedica o tara sa<br \/>\nobtina un astfel de acord, ca de pilda incapacitatea de a se<br \/>\nfinanta de pe pietele private, urgenta unor reduceri masive de<br \/>\ndeficite, o datorie publica supradimensionata sau un lant de<br \/>\ninsolvente bancare.<\/p>\n<p class=\"MsoNormal\">Erste Bank, proprietarul BCR, isi formuleaza<br \/>\nestimarea in termeni de curs mediu: dupa 4,24 lei\/euro in 2009,<br \/>\ncursul mediu ar urma sa se situeze anul acesta la 4,21 lei\/euro,<br \/>\niar in 2011 sa ajunga la 4,14, in continuarea unei tendinte de<br \/>\napreciere lina. Intr-un raport separat, analistii BCR estimeaza un<br \/>\ncurs de 4,2 lei\/euro la sfarsitul lui martie 2011, 4,15 lei\/euro la<br \/>\nfinele lui iunie si 4,1 la incheierea lui 2011.<\/p>\n<p class=\"MsoNormal\">Fata de dolar, in schimb, leul ar urma sa mai<br \/>\npiarda din valoare, de la o medie de 3,24 lei\/dolar in anul in curs<br \/>\nla 3,31 in 2011.<\/p>\n<p class=\"MsoNormal\">Analistii grupului austriac considera ca<br \/>\neconomia Romaniei va scadea cu -2,1% in acest an. Pentru 2011 se<br \/>\nasteapta la o crestere a PIB de 1,2%, iar pentru 2012 la 2,3%, cu<br \/>\nmentiunea ca Romania nu va reveni la cresterea dinainte de criza<br \/>\nmai devreme de 2014. La anul, productia industriala va creste cu<br \/>\n4%, usor peste nivelul din acest an, iar deficitul de cont curent<br \/>\nva cobori la 6%, de la 6,2% in 2010.<\/p>\n<p class=\"MsoNormal\">&#8220;Performanta slaba a economiei romanesti din<br \/>\nacest an este de atribuit masurilor severe de austeritate luate de<br \/>\nguvern in vara&#8221;, constata analistii. Daca acestea vor da roade insa<br \/>\nsi va fi incheiat un nou acord cu FMI, de natura sa sustina<br \/>\nstabilitatea cursului, atunci si banca centrala ar putea continua<br \/>\nciclul reducerilor dobanzii de politica monetara, intrerupt in vara<br \/>\nde cresterea TVA, ceea ce va contribui la redresarea economiei.<\/p>\n<p class=\"MsoNormal\">In ce priveste previziunea Raiffeisen, aceasta<br \/>\nramane neschimbata pentru finele anului curent, respectiv un curs<br \/>\nde 4,3 lei\/euro si 3,07 lei\/dolar. In martie 2011, cursul ar urma<br \/>\nsa ajunga la 4,4, in iunie la 4,3, iar in septembrie la 4,25<br \/>\nlei\/euro. Fata de dolar, leul este asteptat sa ajunga la 3,07 la<br \/>\nsfarsitul lui decembrie 2010, la 3,26 in martie si 3,31 in<br \/>\niunie.<\/p>\n<p class=\"MsoNormal\">&#8220;Perceptia negativa regionala va fi<br \/>\nprincipalul factor care va influenta pe termen scurt evolutia<br \/>\ncursului. Marja de variatie a leului va fi mai stransa insa decat a<br \/>\naltor monede din regiune. In ce priveste evolutia economiei,<br \/>\ncererea ramane slaba si nu sunt motive sa asteptam o redresare<br \/>\nputernica, dar riscul de continuare a scaderii PIB s-a redus&#8221;,<br \/>\nnoteaza analistii Raiffeisen Bank Romania.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vremurile cand ni se prevedeau caderi spectaculoase ori aprecieri fara precedent ale leului s-au dus de mult. Previziunile de acum ale bancilor pentru cursul valutar se remarca prin moderatie, intemeiata pe estimari de un optimism prudent privind mersul economiei.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7208],"tags":[7267,5078,10000,188,7930,7136,8349,2616,9803],"class_list":["post-44627","post","type-post","status-publish","format-standard","hentry","category-servicii-financiare","tag-banci","tag-bcr","tag-deutsche-bank","tag-economie","tag-erste","tag-finante","tag-leu","tag-previziuni","tag-raiffeisen"],"_links":{"self":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/44627","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=44627"}],"version-history":[{"count":1,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/44627\/revisions"}],"predecessor-version":[{"id":62137,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/44627\/revisions\/62137"}],"wp:attachment":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}