High interests persuade clients to save money

Individual clients put more money in banks this December, stimulated by the interest rates on offer, which exceeded inflation. Deposits in RON made by individuals climbed by 6.4% in December, to a volume of 21.19 billion RON (equivalent to 6.2 billion euros). This is the biggest monthly increase seen in the last two years. Deposits in foreign currency were also very attractive, and their volume climbed by 6.3% (in RON), to 4.4 billion euros (equivalent to 15 billion RON). December, which should have brought consumption frenzy, indicated a marked disposition of clients to save money. Although credits in foreign currency were more dynamic, the 3.3% growth still remains lower than the increase of deposits. Companies also deposited more money in banks in December, increasing their RON deposits by over 9%, the highest pace seen in the last two years. Over the last few months of last year, competition among banks to attract funds from clients intensified; therefore many of the main players chose to promote their savings products through aggressive campaigns and also by offering attractive interests.