Banca Romaneasca has increased, rates for euro deposits by 0.8 percentage points on average, interest, in an attempt to attract larger sums from clients. Starting this week, the bank will pay interests between 3.8% and 4.25% a year for euro deposits, with the highest interest being granted for 12-month deposits. The interest is fixed for the whole period of the deposit. The European Central Bank started a cyclical series of measures in December 2005, in order to increase the interest rates for euro deposits, bringing it to a rate of 3.75% per annum, as of March this year. Therefore, commercial banks are gradually adapting the new reference interest rate for euro deposits. Banca Romaneasca is held by NBG, one of the largest players in Greece, and therefore has access to foreign currency funding within the group. Local banks are experiencing stepped up pressure to attract foreign currency deposits, given that the majority of clients prefer their high-value credits to be denominated in euros.
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