Consumer credits see slower increasein September

Consumer credits saw a significant slowdown in September, when the annual growth rate dropped to 5.5%, after it registered a record high in the previous month. In August, say bankers, most top-ranking players felt the impact of the shift to the new lending norms. Considering that many clients had put off taking out a loan in spring, in anticipation of a relaxation of lending conditions, the last two months of summer brought about a significant increase in demand. At the end of September, the volume of consumer credits reached 47.3 billion RON (equivalent to 14.1 billion euros). Although the increase seen in September was smaller than the preceding one, the annualised growth rate continued to accelerate, and climbed to almost 69%. Lending in RON managed to rise in the first autumn month by around 3% and reached 29 billion RON (8.6 billion euros). However, the annualised rate continued to slow down, to 44%, whereas last autumn, funding in RON saw consistent increases. Funding in foreign currencies saw a significant decline in September, with the growth rate down from 15% to 9%.