Romanians increased their bank deposits by one billion lei inFebruary alone, which shows they still prefer to postponeacquisition plans and save the money instead.
"The crisis has a number of effects. Even though it may appearcounterintuitive, as incomes went down, deposits went up. Theconsumer spending behaviour adjusted, the appetite for borrowingwas affected but savings were stimulated," says Ionuţ Dumitru,Raiffeisen Bank's chief economist.
Fear of income decline or of even losing their jobs has mademany people drop plans for holidays abroad or for buying a new TVand save the money instead. Spending adjustment showed in consumerspending, with the business of the home appliances retailers andcar dealers plummeting.
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