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Interest rate gap between local banks and EU ones to reduce in a few years

The gap between the interest rates charged by the Romanian banks and those charged by the banks in the EU will reduce in the next 2-3 years, in the context of decreasing inflation, so that the differences will no longer be significant, said last weekend BNR governor Mugur Isarescu.

The decline in interest rates will be possible once the rise pace of the consumer prices slows down, said the BNR governor. A reduction in the benchmark interest rate may occur when inflation enters a descending trend, said Isarescu. In the last three monetary policy sessions, BNR increased the benchmark interest rate by 2% from 7% to 9%, and thus the banks operated more interest rate increases. The interest rate gap between Romania and the European states is still significant. For example, SocGen sells in Paris home loans against an interest rate of 4,91%, whereas BRD-SocGen sells in Bucharest home loans against an interest rate of 5,75% in the first year, after which it varies (to some 7,1% at present). Mugur Isarescu considers that until the entry in the euro zone, Romania will record annual economic growth of 5% -6%. In 2007, the economic growth stood at 6% (versus 7,9% in 2006) and Romania's GDP stood at 121,3bn euro. The BNR governor reaffirmed the estimates regarding the 2008 economic growth of 6%, adding the focus on the economic growth should not be detrimental to the macroeconomic balance. Sursa: http://www.rompress.ro

Tags: interest banks between euro bnr brd