EximBank launches product enabling exporters to recoup part of losses due to exchange rate

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The Romanian Export Import Bank EximBank launched on September 17 a financial instrument enabling the exporters to recoup part of the losses due to the fluctuations of the exchange rate of the main foreign currencies – i.e. the dollar or the euro-, the bank officials announced at a news conference.
 
„The foreign exchange rate insurance offers the exporter requesting an insurance against foreign exchange risk the possibility to cover the difference between the exchange rate valid on the day when the application is filed to Eximbank and the one valid on the day when the export liabilities are paid. The appreciation of the national currency should be at least 2% and no more than 15% for an exporter to benefit from the paid damage”, EximBank vice president Tudor Gabriel Bohalceanu said.
 
The Romanian exporters lose 25 million euros a month for each percentage point by which the national leu currency appreciates, secretary-general of the National Association of Romanian Exporters and Importers (ANEIR) Mihai Ionescu told. The damages paid to the exporters are calculated for the exchange rate announced by the National Bank of Romania. The beneficiaries of the insurance against the foreign exchange risk are the export firms having operated for at least one year. The insurance is valid from 10 to 90 days. The costs of the insurance may stand at 1% to 2.25%, to which adds a management fee worth 0.5% and an analysis fee of 200 euros.
 
The banking product targets mostly the small and medium-sized firms and the companies exporting series products. Out of the 15,000 Romanian exporting firms, as many as 14,000 are small and medium-sized companies, the ANEIR secretary-general said.
„The funds assigned in Romania this year under a programme meant to back exports amount to 415 million lei, with this amount to total 468 million lei in 2009. EximBank benefits from 75% of the funds allotted for 2007”, Ionescu announced.
EximBank’s share capital stands at 200 million euros, while the funds that the bank gets from the budget total more than 100 million euros.
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