RON flood on the currency market considerably cheapened thestate's borrowings in January, and bankers also started revisingthe "lavish" interest rates paid for clients' deposits, whichdropped by as much as one percentage point. Instead, nobody isspeaking about cheaper loans for private sector clients, withbankers preferring to thus fatten their profit margins.
The tone of optimism with which international market investorsstarted the year translated in Bucharest in falling yields at whichthe state manages to place its certificates and bonds, which wentbelow the 7% per annum threshold after a long break. For one-yeartreasury certificates, the yield dropped by a third of a percentagepoint to 6.69% per annum.
For people keeping their savings with banks, though, Januarybrought no positive news: bankers resumed interest rate cuts, sothat most players now placed their offers in the range of 5-7% perannum for RON deposits, including thus NBR's benchmark rate of6.25% per annum.
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