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Credit on the rise, savings down

Credit in the private sector jumped again in March with 3.3 percent, after previous slower increases in January and February, while the appetite for saving remained low, despite higher interests bank offered for deposits.

At the end of March, the non-governmental credit reached 164.6 billion lei (44.1 billion euros), shows data of the National Bank of Romania. The annual growth maintained at 53 percent, Ziarul Financiar informs. The appetite for taking credits in foreign currency was higher for the population. The forex -denominated credit of households climbed 4.9 percent in March, up to 43.9 billion lei (equivalent of 11.8 billion euros). The credit in lei for households climbed only 2.7 percent, up to 35.7 billion lei (9.6 billion euros). The evolution was triggered by the sensible increase in interests for RON, after BNR increased the monetary policy interest with 2 percent since October 2007 until February. At the end of March, the central bank operated a new increase, with 0.5 percent, raising the interest for leu at 9.5 percent a year, but analysts say that the peak was not reached yet. Unlike individual clients, companies contracted credits mostly in national currency in March, the credits in RON climbing 4.8 percent, up to 38.4 billion lei (10.6 billion euros). Savings also climbed 2 percent in March, compared to 1.5 percent in February. A BNR survey warned that the structure of the credit for the population is more dangerous than its dynamics. After eliminating the compulsory advance and allowed banks to offer more money, the central bank wants to introduce a series of measures to improve the credit's quality, daily Cotidianul informs. Sursa: http://www.rompress.ro

Tags: percent billion credit march bnr

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