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Romania's central bank wants lenders to halt credits in Swiss francs, vice governor says

The National Bank of Romania (BNR) cannot forbid commercial banks to give credits in Swiss francs which could turn out to be expensive in the long run, however it is desirable that lenders give them up themselves, BNR vice governor, Cristian Popa said.

Popa took part in a workshop over financial stability organized within the reunion of the European Bank of Reconstruction and Development (EBRD) in Kiev. “The Swiss franc can be expensive in time and people should be prudent about it,” Popa said. In the event the central bank takes measures to limit credits in exotic currencies, lenders from other EU member states can still give such credits by simply opening local offices, Popa mentioned. On the other hand, it only takes one bank which gives such credits to push all the others to do the same therefore the central bank should take measures against it, Herbert Stepic, executive manager of Raiffeisen International deems. BNR voiced a warning over the higher risks banks could face by giving credits in foreign and especially exotic currencies. However the lenders should minimize by themselves such risks. BNR governor Mugur Isarescu said in February that the advance of credits in exotic currencies implies extremely high foreign exchange risks although interests are smaller. The Swiss franc is traditionally a refuge currency used by investors during insecure periods which makes the currency stronger, Isarescu explained at that time. Among the banks that give credits in Swiss francs are Bancpost, Banca Romaneasca, Credit Europe Bank, Garanti Bank, Millennium Bank, OTP Bank, Piraeus Bank, Raiffeisen Bank and Volksbank.Romanians who took credits in Swiss francs pay more than for credits in euro Credits in Swiss francs became more expensive than those in euros following turmoil on the international financial markets last year, chief economist with Romania's top lender by assets BCR, Lucian Anghel said. The Swiss franc hiked some 18 percent against the leu from July 2007 (1.89 lei per Swiss franc) to May 2008 (2.33 lei per Swiss franc). Sursa: http://www.actmedia.ro

Tags: swiss credits franc central governor francs lenders bnr bcr otp euro

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