BCR cuts interest rates on RON deposits to 7% a year

BCR, the largest Romanian bank, has cut its standard interest rates on RON deposits to individual clients by half to three quarters of a percentage point, to around 7% a year. The move comes shortly after the National Bank’s signal – it cut its key interest rate on RON by 0.5%, to around 7% a year. All banks have markedly adjusted their interest rates since the beginning of the year (when offers of 10%-11% a year could still be found on the market) as interest rates also fell on the interbank market. However, most of the big players still offer rates of around 8%.

“Standard interests are now between 7% and 7.8% a year, for terms of up to a year. We have also reintroduced an older product, a two-year deposit, where interest rates amount to 8.25% a year for deposits in RON and to 3.5% a year for euro-denominated deposits,” says Sorin Mititelu, director of the business development and retail products department within the BCR. The interest rate is fixed for the entire duration of the deposit.