Promotional Interest Rates Attract More Deposits in Local Currency in Romania

The rise of deposits in RON accelerated in May for the second month in a row, amid aggressive promotions launched by banks to attract RON-denominated resources, while foreign currency-denominated deposits slowed down, Ziarul Financiar reported.

The population's deposits in RON went up 29.9% in real terms in May, against May 2007. At the end of May, the population's RON deposits totalled 48.1 billion RON (13.17 billion euros), with the nominal increase against May 2007 being of 40.9% according to data from the NBR (National Bank of Romania).

Compared with the previous month, the rise amounted to 2.5%. The peak rise for RON deposits was in July last year, when it stood at 45%. However, since then, the rise has been slowing down almost constantly.

RON deposits held by legal entities (non-financial and non-monetary financial institutions) increased 1% and reached 41.94 billion RON. Compared with May 31st , 2007, legal entities saw their RON deposits rise by 26.7% (16.8% in real terms).

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