ECONOMY FINANCE&BANKING

Banks hike interest rates for household loans in July • Banking system “exploits” depositors and Central Bank has no reaction

Commercial banks hiked in July the interest rates for new household loans, both RON- and forex-denominated ones, but lowered the interest rates for deposits across the board, the data published by the National Bank of Romania shows.
Thus, the interest rates for new RON-denominated household loans grew from 6.48 per cent per year in June to 6.84 per cent per year in July. On the other hand, the interest rates for corporate loans dropped from 4.86 to 4.69 per cent per year during the same period.
For current loans the interest rates for RON-denominated household loans dropped from 8.22 per cent per year in June to 8.04 per cent per year in July, and those for corporate loans dropped from 5.3 to 5.26 per cent per year. The interest rates for current RON-denominated household consumer loans remain above 10 per cent, despite registering a slight drop.
For new EUR-denominated household loans the banks demand interest rates that have grown from 5.08 in June to 5.26 in July, however for home loans the interest rates dropped from 4.71 to 4.59 per cent. For new corporate loans the banks lowered the interest rates from 3.76 to 3.51 per cent. The interest rates for current loans dropped slightly in the case of both RON- and EUR-denominated loans.
In what concerns the deposits, the interest rates dropped in all categories published by the National Bank. Thus, for current RON-denominated household deposits the average interest rate reached 2 per cent per year, slightly higher in the case of deposits older than two years, namely 2.26 per cent. In the case of corporate deposits the interest rates dropped to an average of 1.06 per cent.
In the case of new RON-denominated deposits, overall the banks lowered the interest rates to 1.13 per cent per year, while in the case of EUR-denominated deposits the average interest has reached 0.65 per cent per year.

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