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What currency to save in?

Ana Sabiescu, 29 Oct 2009

Romanian version

Lei, euro, dollars, pounds or Swiss francs? Before making this decision, several aspects must be considered, such as the saving power, the best way to save the money, and the currency in which the deposit is made.

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Saving in Romania

Before the banking industry in Romania rolled out its saving offers in foreign currency, Romanians could only keep their savings in lei, the same currency in which their income was paid. Before the diversification of the local banking system, natural persons and companies would keep their cash savings ‘in a pile under the mattress’ or at CEC (today CEC Bank). Afterwards, the US dollar, euro and “exotic currencies” (Swiss franc and Japanese Yen) crept in banks’ products and services.

Today, savings in bank deposits tend to broaden, especially in terms of currencies. Romanians usually choose to keep their money in euro or US dollars due to the sharp devaluation of the leu against the two currencies over the past years.

	30.09.2009	30.09.2008	30.09.2007
Deposits in lei	100.61bln lei	95.4 bln lei	75.2 bln lei
Deposits in Fx	61.08 bln lei	49.98 bln lei	34.45 bln lei
TOTAL	161.69 bln lei	145.38 bln lei	109.65 bln lei

The migration from domestic to foreign currency was observed also by the senior economist of the National Bank of Romania, Valentin Lazea. This change will minimize bank’s capacity in giving loans in domestic currency, he said.

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What currency to save in?

Saving in Romania

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