Romanian Banks Raise Deposit Interest Rates To Keep Clients

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Romanian Banks Raise Deposit Interest Rates To Keep Clients

Romaniаn bankers are coming up with a new wave of deposit interest rate increases for fear of losing their clients, who could be discouraged from saving by the introduction on July 1 of the 16% tax on individuals' interest rate incomes, coupled with expectations to see inflation up to 7-8% towards yearend, Ziarul Financiar reported.

After interest rates on deposits fell aggressively in the first few months of this year, the trend seems to have reversed in the last few weeks, with many banks preferring to pay more for the resources attracted rather than lose clients.

CEC Bank for instance raised deposit interest rates by 16% (so as to cover the tax introduced by the Government), with the highest yield currently at 7.54% a year for RON deposits and at 3.19% a year for euro deposits.

Alpha Bank also responded to the measure of levying tax on interest rates, by launching a four-week deposit for which interest rates are expressed in net terms, with the earnings promised to clients at the time of setting up the deposit to remain unaffected by the tax.

Source: Ziarul Financiar

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