The RON/EUR exchange rate has reached a new high since 2012, as the Romanian currency further weakened amid political turmoil.

The National Bank of Romania (BNR) announced on Tuesday, June 20, a reference rate of RON 4.5957/ EUR 1, up 0.21% from the previous level.

This is the highest level registered since August 3, 2012, when the exchange rate reached a historic high of RON 4.6481/EUR 1, reports local News.ro. At that time, the Romanian currency was also affected by political tensions. Back then, the Parliamentary majority was trying to impeach former President Traian Basescu.

This time, the exchange rate is affected by the political crisis triggered by the governing coalition, which last week decided to withdraw the political support for the Government. While almost all the ministers in the cabinet led by Sorin Girndeanu resigned, the Prime Minister refused to the same, which has triggered a crisis in the governing coalition. A no-confidence motion against Prime Minister Sorin Grindeanu is to be voted on Wednesday, June 21, in the Parliament.

On Monday, June 19, the exchange rate was RON 4.5859/EUR 1.

Irina Popescu, irina.popescu@romania-insider.com