Romanian households and companies saved EUR 1.5 bln in bank accounts in November amid growing worries regarding economic situation in 2019

Sorin Melenciuc 28/12/2018 | 16:52

Romanian households and companies have increased their savings in November, according to National Bank of Romania (BNR) data released on Friday, amid worries regarding the economic situation in 2019.

Bank deposits have become less attractive this year as a consequence of low interest rates and rising inflation. Despite this situation, Romanian households and companies have renewed their preferences for savings during the last couple of months on rising worries regarding the economic situation in the next year.

Total deposits in banks of households and companies rose by 2.2 percent month-on-month in November and by 10.9 percent year-on-year up to RON 324.5 billion (EUR 69.8 billion), central bank data show.

RON-denominated deposits of residents (individual clients and companies) rose by 2.7 percent month-on-month to RON 215.9 billion, and the annual growth rate accelerated to 9.8 percent, from 6.9 percent in October.

Forex-denominated deposits rose by 1.2 percent month-on-month in November to RON 108.6 billion-forex equivalent, and by 13.1 percent year-on-year.

In the same time, bank loans granted to individuals and corporate clients in Romania rose by 6.3 percent year-on-year in November, to RON 250.7 billion (EUR 53.9 billion).

RON-denominated non-government loans, which include loans granted to individual clients and companies, grew by 12.8 percent year-on-year in November to RON 164.5 billion.

During the same period, forex-denominated loans declined by 4.3 percent, to RON 86.2 billion-forex equivalent, due to stricter rules regarding forex bank loans.

During the last couple of years, Romania’s bank clients increased their creditor status against banks due to strong savings and weak credit market, deposit holders being technically the banks’ creditors.

In November, bank deposits exceeded loans by 29 percent, as credit market is still affected by low demand, experts say.

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