Banks raise interest rates

The increase in the price of money and speculations against the leu has raised interest rates for new loans in the past weeks. Most banks revised upwards their interest rates on loans, and those that have not already raised rates are considering adjustments.

"We will most likely increase interest rates on loans by 0.5 percentage points," Radu Gratian Ghetea, President of CEC Bank, told Business Standard.

Piraeus Bank Romania revised interest rates for only a portion of its personal loans, ranging from 1.65 and 2.20 percentage points for lei-denominated loans and 0.9 and 1.55 percentage points for foreign currency loans.

ING Bank raised interest rates by one percentage point on three of its loans.

Volksbank Romania increased interest rates by 0.75 percentage points for older Swiss franc-denominated loans and new euro loans.

Business Standard