BCR, the largest Romanian bank, has cut its standard interest rates on RON deposits to individual clients by half to three quarters of a percentage point, to around 7% a year.
The move comes shortly after the National Bank's signal - it cut its key interest rate on RON by 0.5%, to around 7% a year. All banks have markedly adjusted their interest rates since the beginning of the year (when offers of 10%-11% a year could still be found on the market) as interest rates also fell on the interbank market. However, most of the big players still offer rates of around 8%.
"Standard interests are now between 7% and 7.8% a year, for terms of up to a year. We have also reintroduced an older product, a two-year deposit, where interest rates amount to 8.25% a year for deposits in RON and to 3.5% a year for euro-denominated deposits," says Sorin Mititelu, director of the business development and retail products department within the BCR. The interest rate is fixed for the entire duration of the deposit.
BCR, the largest Romanian bank, has cut its standard interest rates on RON deposits to individual clients by half to three quarters of a percentage point, to around 7% a year.
The move comes shortly after the National Bank's signal - it cut its key interest rate on RON by 0.5%, to around 7% a year. All banks have markedly adjusted their interest rates since the beginning of the year (when offers of 10%-11% a year could still be found on the market) as interest rates also fell on the interbank market. However, most of the big players still offer rates of around 8%.
"Standard interests are now between 7% and 7.8% a year, for terms of up to a year. We have also reintroduced an older product, a two-year deposit, where interest rates amount to 8.25% a year for deposits in RON and to 3.5% a year for euro-denominated deposits," says Sorin Mititelu, director o
