BCR cuts interests

Banca Comerciala Romana (Romanian Commercial Bank – BCR) cut interests on credits for individuals and corporate bodies by up to 4% yesterday. The base interest on short-term loans for economic operators will be 23% a year, and increase to 24% a year for medium and long-term loans. In case of production for export and product exports, the annual interest will reach 20%. The interest on current loans for individuals will be 23% a year for short-term credits and 24% a year in case of a medium or long-term loan. The individuals contracting a BCR loan for real estate investments, such as buying, building or refurbishing homes or buying land will pay 23% in base interest a year. The interest rate amounts to 25.06% a year for housing loans until June 30. There are other costs added to the base interest, as well, which are usually up to the clients’ creditworthiness and their financial situation. ZF