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Lending Activity To Be Resumed In Spring – Romanian PM

The lending activity will be resumed this spring, and the economy might revive if the government’s policies continue to be correlated with those of the central bank, Romanian Prime Minister Emil Boc stated Thursday during the conference Mediafax Talks about Auto Industry.
Lending Activity To Be Resumed In Spring - Romanian PM
12 mart. 2009, 13:01, English

According to the central bank data, household loans were blocked in January to the level of December 2008.

According to bank representatives, the freezing of lending as of last October was triggered, among others, by the liquidity shortage on the financial market, the decrease of individuals’ applications and the lack of confidence in corporations’ business plans in the light of the financial crisis.

Both consumer and real estate loans in local currency reported slight falls in January, of 0.91%, at 37.55 billion lei (EUR1=RON4.2817), and of 0.01%, at RON1.64 billion, respectively.

Consumer and real estate loans in foreign currency, expressed in lei, rose 6.8% and 7.5%, respectively, on the month in January, at RON38.43 billion and RON20.79 billion.

If taking into account the 7.33% depreciation of the leu against the euro in January, then consumer loans in foreign currency have slightly dropped, while real estate loans registered a slight increase.

The depreciation of the leu triggered a 2.85% increase of the value of household consumer loans on the month in January, at RON75.98 billion, while real estate loans rose 6.9%, at RON22.44 billion.

In January, the value of total household loans, in foreign and local currency, rose 3.8%, at RON103.3 billion while the value of companies loans rose 4.73% at RON 99.62 billion.