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Interest rates in Romania cover 10-year inflation rate of 44 pct compared to17 pct in Europe (ARB)

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The higher interest rates of Romanian banks than those in developed countries in Europe have covered a higher inflation, of 44% over 10 years, compared to 17% in Europe, Florin Danescu, the executive chairman of the Romanian Banking Association (ARB) told on Wednesday the "Romanian Financial Conference", organized by BusinessMark.


"When one speaks about the fact that interest rates in Romania are higher than in other developed countries, one must also take into account that interest rate must include inflation, otherwise it would not be economic efficiency for industry. In Europe, for 10 years, the cumulated 10-year inflation, is 17% and in Romania 44%. In conclusion, the interest rates in Romania had to cover the compound 10-year inflation of 44% and in Europe - 17%," said Florin Danescu.

He argues that the three initiatives in Parliament - the limitation of interest rates, the loss of the enforceability of a credit agreement and capping the level of debt recovery - affect the business model of banks by increasing expenditures, higher costs and limiting revenues.

Danescu said that the legislative initiative on capping interest rate would take the effective annual interest rate below that one currently used by banks. Thus, for mortgage loans, banks have interest rates between 4.5% and 6.6%, and the interest rate proposed by the legislative initiative reaches an effective annual interest rate of 5.6%, commissions included.

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