“As compared to what I would have expected a while ago, that the recession’s bottom or the lowest point would be in second quarter, now it is more appropriate to extend this estimate for the third quarter, given the conclusion of the recent survey among companies which indicates a certain order movement”, said Dijmarescu at a seminar on Romanian capital market.

He added that at the beginning of the year, in January, February, he was slightly “optimistic”, as the small business lending was showing signs of revival. “However, this wasn’t very helpful, because we see in April a slight weakening (by 1%) on new loans granted non-financial institutions and implicitly to companies. I am not referring to retail loans, but corporate loans,” said Dijmarescu.

“I would expect things to move in the opposite direction, and maybe it will, considering the fact that interest rates for corporate loans are falling gradually on a monthly basis, which means the business community in Romania starts to open up to potential customers”, NBR’s deputy governor said.