Sums attracted by commercial banks from abroad on medium and long term in May reached 13.4 billion RON (over 3.7 billion euros), an increase of almost 200% against the similar period of last year.
The volume of these resources has gone up by more than 60% since December 2004 alone. The rapid expansion of sources attracted from abroad occurred in the context where the domestic market saw a strong demand of loans, especially of foreign currency-denominated ones.
By late June, non-governmental lending in foreign currency had surged by over 61% (expressed in euros) as compared to the similar period of the previous year. The RON-denominated loans rose by almost 22% in real terms during the same interval.
As a matter of fact, the account of loans contracted in euros last year advanced by over 70%, against a pace of 26% in the case of RON-denominated financing. Thus, loans contracted in foreign currency (euros and dollars) account for almost three quarters of the total sums granted by lending institutions. The more alert dynamics of foreign currency lending is accounted for by the attractiveness of loans in DEVIZE, which are much cheaper.
Right at the beginning of this year, interest rates of euro-denominated loans stood at 9.7% per annum, as compared to 26.8% for RON-denominated loans. By the end of May, interest rates for RON-denominated loans shrank considerably, reaching an 18.8% level. Still, euro-denominated loans continue to be two times cheaper, with an average interest of 9.4%.
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