Romanians' foreign currency deposits rose by 16.9% in euros inthe past year, reaching 9.1 billion euros at the end of January(35.5 billion RON), according to data from the NBR (National Bankof Romania). In the last few months, however, foreign-currencysavings slowed down abruptly, in parallel with the exchange ratestabilisation.
In January, the value of foreign-currency deposits saw aninsignificant rise against December, with RON-denominated amountseven declining by 1.5%. Analysts say last year foreign-currencysavings rose as a result of the depreciation of the Romaniancurrency, as well as amid political instability.
"January data point to a change in the population's preference fordeposits in the national currency over savings in foreign currency,due to the stabilisation of the exchange rate and even astrengthening of the RON against the European currency," saysMelania Hancila, chief economist of Volksbank. Individuals' RONdeposits continued to climb in January by 1.2% against the previousmonth, to 59.9 billion euros, amid a return in confidence in thenational currency.
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