Romania Ctrl Bk: Interest Rates On New Loans Rose In November

The average interest on new loans in local currency rose by 0.81 percentage points in November, to 11.1%. In the previous three months, the same rate had dropped to 10.29%, from 12.05%.

Furthermore, corporate loans in lei saw an interest rate increase of 89 basis points, to 10.75%, while the interest on household loans inched up 0.1 points. In the previous three months, interest rates on corporate loans in lei had reached 10%, the lowest level in measured history.

In January-November 2010, the average interest on household and corporate loans shrank by more than 4 percentage points, from 16.58% and, respectively 15.4% in December 2009.

The average rate on loans in euro reached 5.79% in November, 0.15 points higher than in October, but 0.16 lower than in December 2009.

The average effective annual interest on consumer lending in euro reached 8.35% in November, slightly higher than in October, but 1.69 points below the levels seen in December 2009.

On the other hand, effective annual interest on euro mortgage loans inched down 0.02 points in the first 11 months, to 6.22%, from 6.24%.

The average interest on new deposits in lei and euro rose slightly in November, compared to October, by 0.04-0.05 points.

Banks reduced the interest on new leu deposits by 2.43 points in the first 11 months of 2011, to 7.48% for households, while interest on corporate deposits was reduced by 4.26 points in the same interval, to 5.31%.

However, the rates for euro-denominated deposits were kept mostly unchanged.

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