BCR to cut interest rates

BCR will perform a reduction of ROL interest rates over the following period, in line with the reduction of the intervention interest rate performed by the NBR last week, with greater effect on the ROL-denominated loans segment. “The first effects of the NBR decision were felt on the interbank market in the case of overnight deposits and government bonds. Now, reductions within the customer segment are also expected,” stated Remus Serban, an analyst from the treasury department within BCR. “We will more rapidly witness a lowering of the interest rates for ROL-denominated credits, within the range operated by the NBR,” stated Cornel Cojocaru, communications manager with BCR. Last week, the NBR reduced the intervention interest rate by 0.5%, to 18.75%. At the same time, the NBR raised the level of minimal compulsory foreign currency-denominated reserves from 25% to 30%. ZF