Russia » Economics

1 Euro will cost 1,4 USD by the end of the year

Accoridng to the most recent prognosis by an authoritative group of experts from Belgium Company Pitercam, 1 Euro will cost 1,4 USD by the end of 2004.

Analysts from this Belgium company are famous for their accurate prognoses, notes RIA “Novosti”. Back in 2002, when Euro was worth 1,05 USD, they had warned that the currency rate will reach 1,20 USD by the end of the year. At the same time, world's largest financial companies were certain that Euro would not exceed 1,08 USD.

Economists from Pitercam provide three reasons for dollar's decline in 2003. First of all, it is due to the lowering of banks' percentage rates by the US Federal reserve system. Second of all, this has to do with the existing sales and budget crises in the US. Finally, preparation for the presidential campaign has its impact on dollar's standing.

European Central Bank (ECB) has expressed its concern for the first time on Monday in regards to the increasing Euro rate, especially after it beat a new record of 1,289 USD.

Last week, Commissar of the Eurocommission Pascal Lami has expressed his worries regarding the Euro's rate. He called that rate of 1,28 dollars as “critical”.   

Source: NewsRu

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