The inevitable is about to happen: interest rates for deposits are beginning to go down, after a long period during which banks have tried to protect the customers' tendency to save money, by preserving the levels of interests.
The beginning of the year has witnessed two reactions to the latest cut in the intervention rate that NBR announced on December 19th. ING Bank Romania reduced the interest offered for the Cont'Rol ROL-denominated current account from 14% to 13%, while the rate levied for the associated credit line, Extra'Rol, dropped from 27 to 26%.
At the same time, the Romanian Savings Bank (CEC), has taken two percentage points off interests for loans granted to small and medium-sized enterprises and to the local public administration, down to 23% for credit lines.
"This move follows the recent decision by the central bank to operate another intervention rate cut, so as to reflect the progress made in the reduction of inflation. We have closely monitored the evolution of the monetary market and our decision to reduce interests by one percentage point comes as the natural consequence of this evolution," said Misu Negritoiu, deputy general manager of ING Bank.
The two banking products of ING, Cont'Rol and Extra'Rol, are aimed at natural persons and are available through Self'Bank units, where accounts can only be accessed through ATMs. Since last July, when ING Bank launched its retail programme, over 20,000 accounts have been opened in this network.
razvan.voican@zf.ro
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