Bankers sell consumer and mortgage loans cheaper than a year ago, but warn that interest rates will not fall further in the coming period because a low has already been reached, and in addition there is a lot of uncertainty on the market.
The annual percentage rate (APR) on RON-denominated consumer loans reached 17% in May compared with 25% in the similar period of 2009, whilst the cost of euro-denominated loans fell to 9.2%, two percent lower than a year before, according to data from the NBR (National Bank of Romania). The cheapest retail loans continue to be euro-denominated mortgage loans, where the average APR reached 5.6% after in June last year it had hit a record 11.5%.
Bankers say a low has already been reached and if interest rate adjustments were to occur, they would only be marginal.
Lucian Cojocaru, executive manager of the BRD network's commercial pole, is categorical in his claim that loan interest rates will not fall any further in the coming period.
"Interest rates will stay at their current level or even slightly rise. They will under no circumstances fall further," Cojocaru said.
Bankers sell consumer and mortgage loans cheaper than a year ago, but warn that interest rates will not fall further in the coming period because a low has already been reached, and in addition there is a lot of uncertainty on the market.
The annual percentage rate (APR) on RON-denominated consumer loans reached 17% in May compared with 25% in the similar period of 2009, whilst the cost of euro-denominated loans fell to 9.2%, two percent lower than a year before, according to data from the NBR (National Bank of Romania). The cheapest retail loans continue to be euro-denominated mortgage loans, where the average APR reached 5.6% after in June last year it had hit a record 11.5%.
Bankers say a low has already been reached a
