Banks thirst for RON raises deposit interest rates to almost 11%Publish date: 24-09-2008
Bankers face strong competition on deposits attracted rather than on sale of credits, after the RON excess on the interbank market dried up. Banks paid average interests of almost 11% a year in order to attract deposits for periods longer than a month from the population, show the NBR statistics for July.
This is the highest level recorded over the last few years, with interest rates offered by banks significantly exceeding the NBR's monetary policy rate, of 10.25% a year. In comparison, in July last year, banks paid interest rates of 6.2-7% a year for term deposits, while the NBR's key interest rate was of 7% a year.
Bankers now pay much more for deposits attracted, given that the traditional RON excess on the interbank market has almost dried up. Therefore, in order to continue to grant credits, banks need to attract more RON from clients.
- Insurance market stagnated in 2013 while GDP chare dropped to 1.3%
- The Romanian Leasing Market as of December 31, 2013
- Millennium Bank reports best results since its launch, helped by stronger banking income and cost cuts
- BCR cheapens First Home loans and lowers interest loans for loans in lei
- Millennium Bank's new Salary account clients receive up to 600 lei bonus and their utility bills' payment
- GarantiBank and Seamless introduce SEQR in Romania: the newest mobile payment solution
- Bancpost telecom services, now provided exclusively by Romtelecom and COSMOTE Romania
- Millennium Bank cards offer discounts in Domo stores
- BCR Supervisory Board reshuffles Management Board
- NBR decide to lower the monetary policy rate to 4.25 percent per annum
- Common appointments in Romtelecom and COSMOTE Romania
- Up to 5.5% annual interest rate for Millennium Bank's promotional three-month lei deposit
- Eurozone in recovery mode but gap between North and South still widening
- UniCredit Tiriac Bank and RBS Romania announce the successful completion of the retail clients' migration
- Millennium Bank grants First House loans in lei