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February 28, 2021

Banks cut deposit interests, offer more expensive leu-funding to firms

The interests applied by the commercial banks to the deposits were down in this July from the prior month both for the national leu currency and euro, while the new leu-term funding has become more expensive, particularly when aimed at the firms, show figures released by the National Bank of Romania.
For the leu deposits that are in balance, the crediting institutions cut the interests by 0.1 percentage points, so that they reached an average 2.94 percent per annum in July as compared to 3.04 percent in June. Interests on the new deposits were down from 2.43 percent per annum on average in June to 2.27 percent in July. The banks offered higher interests in July to the new leu deposits set up by the individuals for more than two years, with their average standing at 3.12 percent as compared to an average 3.07 percent a month before. Also noticeable is the jump of the interests given by the banks to the companies on national currency deposits ranging between one and two years, namely from an average 0.93 percent per annum in June to 1.55 percent per annum in July.
As regards the leu lending in balance, the interests dropped to 8.3 percent per annum in July from 8.61 percent in June, being by more than two percentage points below the average practised a year ago of 10.42 percent per annum. On the other hand, the banks applied higher interests at 7.28 percent per annum in July to the new leu lending, up from 7.09 percent in June.
Individual lending was cheaper overall at an average interest of 8.17 percent per annum, down by nearly three percentage points as compared to last year, but mortgage lending, with a fixed interest between five and ten years was more expensive by over one percentage point from one month to another up to 6.59 percent per annum, the Central Bank announced.

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