Romanians Saved 5bn Euro Since the Beginning of the Crisis

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Romanians Saved 5bn Euro Since the Beginning of the Crisis

Consumer savings went up by 26% or by 21.5 billion lei (around 5 billion euros) in the last two years, during which the crisis has been fully felt.

Analysts explain this apparently paradoxical growth through people's strong sense of caution, as well as through the high interest rates offered by banks in 2009 and in the first part of last year.

The consumers' bank savings rose by 450 million lei (105 million euros) in January, up 1% against the previous month and 10.6% against the corresponding period of 2010, NBR (National Bank of Romania) data reveal.

Foreign currency-denominated savings fell by 0.4% against December, to 39,6 billion lei (9.3 billion euros), but were 5.5% higher than in January last year.

"The fact that the consumer savings are rising is a good thing considering that we still have a low rate of saving.

The consumer savings trend will depend on the disposable income, on inflation and the unemployment rate in the months to come, as well," comments Lucian Anghel, chief economist of the BCR.

Source: Ziarul Financiar

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