BCR: Romanian banks will pay annual interest between 4.5% and 7% for euro-currency deposits

Interests paid by the banks for euro-currency deposits of clients will be between 4.5% and 7% per year, according to the type of the product, maturity and policy of every bank, said the manager of retail development at BCR, Sorin Mititelu.

Banca Comerciala Romana raised the interests to 7% for two-month euro-currency term deposit, within a promotional offer available until January 15, 2009.

In the same offer, for sight deposit Maxicont, the client receives a 6% annual interest, in case of the pack that encloses monetary fund units BCR Asset Management, and 5%per year for sight deposit Maxicont classic.

BCR representative said that in case of the saving products of the bank, the evolution of deposits in October highlighted a mounting trend for euro-currency products, compared to local-currency deposits.

“For BCR, we recorded a better evolution for products in euro than for deposits in lei, and indirectly, we benefit of a favorable evolution in terms of market share, although we cannot speak yet about major changes,” Mititelu added.

“Nowadays, it is much cheaper to draw resources in euro from the local market, and this will stimulate the lending activity in euro-currency”.

Mititelu stressed that, according to the latest statistics made public by the European Central Bank, the average cost for drawing euro on the local market was 4.5% while cost for resources in the international markets was at least 6.5-6.8%.

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