The consumer credit has trouble finding clients given the current interest rates.
After the decline in February, the consumer credit volume in April saw another nominal decrease of 0.9% compared with March, as shown by preliminary data that include only the principal of those loans.
Although relying on the March rebound to continue in April, as well, the banks witnessed a decline in the number of credit applicants, especially on the consumer lending segment. The latter type of loans is actually that for which banks charge the highest interests.
Amid more and more talks about an imminent trend that should see overall credits become cheaper, the postponement of the decision to take out a loan in ROL is justified.
After all, most consumer loans (88%) are ROL denominated, and therefore the exception to the rule that loans in dollars and euros prevail. Banks and clients alike are expecting the central bank to give the green light for an interest cut for lending soon.
The commercial banks cannot react to messages like those conveyed by the governmental officials, considering that no matter how good certain economic indicators like inflation, though not like the foreign deficit, might look, the National Bank's intervention interest remains the only benchmark.
The potential consumption demand maintains, which means a new wave of loans might come, even though the first interest cut step will be rather symbolic.
Demand in its turn is fuelled by wage raises, both nominal and calculated in foreign currency equivalent, brought about by the ROL becoming stronger.
Besides the consumer lending decline, the volume of time deposits in ROL made by individuals in April fell 6% in nominal terms compared with the level at the end of March. This points to a decrease in the resources for savings and to a strong tendency for immediate consumption.
Net volume of loans for both individuals and corporate entities had reached 330,149bn ROL in April, 59.8% higher in nominal terms compared with April 2003. The lending progressed by 47.3% in real terms compared with April 2003 due to the decline in the annual inflation.
The non-governmental lending growth rate had exceeded 3% in March, after having risen only 0.5% in February. The prudential norms set by the National Bank for consumer and mortgage credits therefore turned out to be difficult to "stomach" by the banking market, particularly because of the psychological effect of the lending norms and of the high interests.
razvan.voican@zf.ro
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