Banca Tiriac cuts rates

On Monday Banca Tiriac announced a reduction of interest rates of up to 5% on ROL loans taken out by individual customers, while rates for similar loans in foreign currencies dropped by up to 1%. The bank also adjusted deposit rates. The move makes Banca Tiriac the seventh player on the market to cut rates since the beginning of the year. The last interest rate cut was in December. Interest rates on loans for personal use, Multicredit, and on the Metro credit fell by 5% to 19% p.a., which is the standard interest rate for all consumer credit granted by the bank. Interest rates on loans used for buying cars and on credit cards were brought down 4 percentage points to 19% and 25% p.a. respectively. The bank provides loans of between 200 and 5,000 euros (ROL equivalent) through its MasterCard credit card launched at the end of last year. ZF