Moldova's leu currency down 25 percent amid uncertainty

Staff Writer
Columbus CEO

CHISINAU, Moldova (AP) — Some shops are closed and lines are growing at gas stations in the Moldovan capital of Chisinau after the country's national currency lost one-fourth of its value this week amid economic and political uncertainty.

National Bank governor Dorin Dragutanu said the depreciation of the leu was caused by a greater demand for hard currency and a 3 percent drop in remittances and exports in the last year.

Parliament votes later Wednesday for a second time for a minority pro-European government. It has until March 9 to approve a government or face an early election.

Economic analyst Natan Garstea said Moldova is having a crisis in its banking system after three big banks were recently put under administration of the national bank amid suspicion of money laundering.