Moldova seeks to stabilize currency after 25 percent plunge

Staff Writer
Columbus CEO

CHISINAU, Moldova (AP) — Moldova's government is trying to stabilize the country's currency, which plummeted 25 percent this week amid concerns over the financial and political system.

The currency has been hit by worries that the banking system is in crisis and public finances are in decline. Also, the country has struggled to form a government since elections in November.

The leu currency recovered 5 percent on Thursday following the appointment of a new government. In his first Cabinet meeting, Prime Minister Chiril Gaburici said Moldova should begin talks with the International Monetary Fund.

The financial panic caused lines at gas stations this week and some shops closed.

Gaburici has appointed French-born Stephane Christophe Bride as economy minister to oversee the former Soviet republic's economy, one of the poorest in Europe.