Rate of interest on banking loans in Moldovan lei decreases to new historical minimum of 8.45 per cent annually

Chisinau, 21 September /MOLDPRES/ -  The average rate of interest on new loans in the national currency, provided by Moldovan banks, decreased to a new historical minimum of 8.45 lei annually in last August, against 9.76 per cent on the same period of the 2017. This is the fourth month in a row when the interest rate on financings in national currency is maintained less than nine per cent, according to data by the National Bank of Moldova (BNM).

Experts said that the period with relatively low interests would continue. The inflation’s re-entrance on a trend of drop and a possible reduction of the monetary policy rate by BNM will slightly decrease the interests on loans in Moldovan lei, financial experts said.  

BNM’s data also shows that, after the cheapening of loans, the sum of banking loans borrowed increased. Thus, while in last January and February, the loans borrowed exceeded by a little one billion lei, in the last six months, economic agents and residents monthly borrowed from banks loans worth over 1.4-1.7 billion lei. The loans provided for repayment terms of more than 12 months were the most demanded in last August and accounted for 93 per cent of all loans in the national currency, being provided at an average interest rate of 8.43 per cent.   

The major share of new loans provided in Moldovan lei, 51 per cent of all loans in the national currency, represented financings offered to legal entities with an average interest rate of 9.21 per cent. At the same time, private people borrowed loans in national currency amounting to 725 million lei at an average interest rate of 7.66 per cent and the average interest on loans for real estate was of 6.10 per cent. The sum of loans for real estate in August 2018 amounted to 178 million lei, including against a background of the launch of the First Home programme.  

(Reporter V. Bercu, editor L. Alcaza)