BCR chief economist: Romanians should save more

Romanians ought to save more in 2009 and to think twice before taking out a loan, says Lucian Anghel, chief economist of the BCR (Romanian Commercial Bank). Until the first part of the year, banks were heavily active in their credit offers, and the client selection criteria were very relaxed. However, things have changed over the past few months, with access to financing becoming much more difficult for banks. Bankers are already talking about much more restrictive selection criteria, and this even before the application of tougher regulations from the NBR (National Bank of Romania). “Clients need to think twice before taking out a credit and take this step only if they really need funding,” says Anghel. Credit for the population reached 25.7 billion euros, up nearly 43% (in euros) against last year, NBR data reveal. As for the population’s deposits, they total 21.7 billion euros. So far, the gap between local deposits and loans has been bridged by financing from banks through funds attracted mainly from foreign shareholders, but this channel could narrow further amid a global liquidity shortage.