BCR, the largest Romanian bank, has cut its standard interestrates on RON deposits to individual clients by half to threequarters of a percentage point, to around 7% a year.
The move comes shortly after the National Bank's signal - itcut its key interest rate on RON by 0.5%, to around 7% a year. Allbanks have markedly adjusted their interest rates since thebeginning of the year (when offers of 10%-11% a year could still befound on the market) as interest rates also fell on the interbankmarket. However, most of the big players still offer rates ofaround 8%.
"Standard interests are now between 7% and 7.8% a year, forterms of up to a year. We have also reintroduced an older product,a two-year deposit, where interest rates amount to 8.25% a year fordeposits in RON and to 3.5% a year for euro-denominated deposits,"says Sorin Mititelu, director of the business development andretail products department within the BCR. The interest rate isfixed for the entire duration of the deposit.
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