Some of the commercial banks responded to the harsh message of the Governor of the Central bank Mugur Isărescu, concerning the high interest rates on deposits and acted accordingly, cutting their rates paid on deposits by as much as 0.50 percentage points.
The Romanian Commercial Bank, (BCR), the largest bank in terms of assets, cut the interest rates on deposits in lei, by as much as 0.50%. This means that for a deposit set up for one month, the interest rate went from 5.15% to 5%. For three-month deposits, the interest rates went from 5.5% to 5.25%. On six-month deposits, the interest rate went from 6% to 5.5%, and on 9-month deposits the interest rate was cut from 6.1% to 5.75%. The only deposit for which BCR still pays an interest rate of 6%, even after the cut was made, is the one set up for one year.
Raiffeisen Bank only cut interest rates for deposits in lei, intended for individuals. On one month deposits the interest rate fell 0.25%, to 4.25%, and on 3-month deposits the interest rate went from 4.7% to 4.4%. On the other-month deposits, the interest rate fell 0.40%, to 5%, and on deposits with 1-year maturity, the interest was only cut by 0.10%, to 5.5%.
MKB Nexte Bank cut the interest rates by 0.50% on all the deposits denominated in lei, for individuals as well as for companies. The highest interest rate paid by the bank is 6.25%, on 3-month deposits.
For companies that want to set up 1-month deposits the bank pays 4.5%. On the other hand, deposits with maturities longer than one month pay 5%.
Aside from MKB Nexte Bank, Intesa Sanpaolo Bank also cut the interest rates by 0.50% on deposits in lei paid to individuals and companies. For one month deposits the interest rate it is 5.5%, and for 3-month deposits the interest rate it is 5.75%. On the other hand, for deposits set up for a period ranging from six to twelve months, the
