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Savings in euro become more attractive than those in lei

The local banks are interested in drawing retail deposits in euro, against an interest rate bigger than 6% per year, by 2% above the key interest rate of the European Central Bank, Saptamana Financiara writes.

On the other hand, the median interest rate paid by the banks for the new retail deposits in lei has risen significantly in the past year from 6.37% in the summer of 2007 to 10.31% at present, according to the BNR figures.

Despite these 2-digit interest rates for the deposits in lei, inflation and the leu's depreciation have made the population save up more in euro. Thus, in the past year, the forex deposits amounted to the equivalent of 4.3bn lei, whereas the deposits in lei were by almost 70% lower to only 2.5bn lei.

The BNR statistics also show that in August 2008 the annual growth pace of the retail forex deposits stood at 50%, whereas the advance of the deposits in lei stood at 33.2%.

According to an analysis conducted by the Deposit Guarantee Fund, a significant rise in the forex deposits may represent a signal is a signal of loss of confidence in the national currency. However, the specialists of the Fund say the danger is not imminent as the share of the deposits lei is still quite big.

At end-H1 2008, the retail deposits in lei represented 53% of total, down by almost 1% versus H1 2007.

Recently, Banca Transilvania launched a deposit in euro with interest rate of 6% per year in the first 3 months and 6.25% in the next three.

Volksbank has had a promotion with a deposit in euro with an interest rate of over 6%. Bancpost is offering a savings account in euro with a net interest rate of 4.5% per year.

 

Sursa: http://www.rompress.ro

Tags: deposits euro interest bnr

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