After having tried to attract clients with interest rates as lowas one-digit for loans in RON in the spring, the banks reversed thetrend and made retail credits more expensive in June, which is afirst for the last six months.
The APR for the consumer loans in RON went up by more than 0.5% to17.8% in June, after having reached a two years and a half low themonth before, NBR data reveal. Analysts say the enforcement of theEmergency Ordinance on retail loans has forced banks to tie thecost of loans to a transparent indicator, so that the clients arenow exposed to the fluctuations of interbank interest rates.
"New loans are, as required by the law, tied to ROBOR and as longas interest rates on the interbank market have gone up, it is onlynatural that loans would become more expensive, too. Clients arenow exposed to the risk of interbank rate fluctuations unlikebefore when they were shielded by controlled rates," commentsLucian Anghel, BCR's chief economist.
Bankers are now saying that interests on loans to consumers willstay at the current levels at best over the coming months.
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