News » May, 2011 » 11 May 2011
Banks fill BNR's accounts instead of looking for clients to lend to
11.05.2011, 23:38 | Finance-Banks | 1024 views
Bankers prefer to place their money with the BNR (Romanian central bank) at an interest of just 2.25% a year on leu-denominated deposits in order not to take any chances on the economy. Banks placed an average of 1.3 billion lei in each working day of this year (around EUR320 million) in BNR's overnight deposit facility, amid an excess of liquidity on the market that bankers are unwilling to invest in loans. Therefore, the first four months saw cumulated deposits of RON113 billion (EUR26.7 billion) through the permanent overnight facility. April alone saw RON34.6 billion in deposits, 7.5% more than the 2010 monthly average. Read more on ZF.ro
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