ROL has remained attractive for those placing their savings in banking deposits. Total term deposits made in ROL rose 7% in February to 239,359bn ROL (6.5bn euros). At the same time foreign currency deposits shed 2.5% (in ROL), falling to 152,066bn ROL (4.1bn euros), National Bank data show. The data reveal that in absolute terms, the increase in savings in ROL was seven times higher than the decline in foreign currency deposits, proving that more money has entered the banks. The increase in the migration of savings to ROL appears to be normal given the appreciation of the local currency that will most likely continue, albeit at a slower pace. However, the data show that the appetite for savings was not hindered by the substantial decline in interest paid by banks on deposits in ROL seen in the last few months. It remains to be seen how long people will keep bringing their savings to the bank, with interest rates having plunged over recent months. At their current levels, interest rates could easily become negative in real terms if inflation exceeds the 7% target, with some banks already offering less than 7%. The rates commercial banks pay for deposits have witnessed a sharp decline since the NBR made a large cut to the interest it pays to attract the ROL surplus from the monetary market. This has affected the performance of the banks that used to invest most of their cash with the central bank, which offered comfortable yields. Since the investment alternative - awarding credits to clients - is growing at a pace that is harder to influence, banks see themselves having to cut costs for attracted resources by lowering rates. ZF
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