Romanians increased their bank deposits by one billion lei in February alone, which shows they still prefer to postpone acquisition plans and save the money instead.
Therefore individuals' deposits at the end of February exceeded 105 billion lei, 24 billion lei (almost 6 billion euros) more than in October 2008, when the global financial crunch effects reached Romania, as well.
"The crisis has a number of effects. Even though it may appear counterintuitive, as incomes went down, deposits went up. The consumer spending behaviour adjusted, the appetite for borrowing was affected but savings were stimulated," says Ionuţ Dumitru, Raiffeisen Bank's chief economist.
Fear of income decline or of even losing their jobs has made many people drop plans for holidays abroad or for buying a new TV and save the money instead. Spending adjustment showed in consumer spending, with the business of the home appliances retailers and car dealers plummeting.
Romanians increased their bank deposits by one billion lei in February alone, which shows they still prefer to postpone acquisition plans and save the money instead.
Therefore individuals' deposits at the end of February exceeded 105 billion lei, 24 billion lei (almost 6 billion euros) more than in October 2008, when the global financial crunch effects reached Romania, as well.
"The crisis has a number of effects. Even though it may appear counterintuitive, as incomes went down, deposits went up. The consumer spending behaviour adjusted, the appetite for borrowing was affected but savings were stimulated," says Ionuţ Dumitru, Raiffeisen Bank's chief economist.
Fear of income decline or of even losing their jobs has made many people drop plans for holidays abroad or for buying a new TV and save the money instead. Spending adjustment showed in consumer spending, with the business of the hom
