Stock of bank loans in Romania grows 8.8% y/y in April
The stock of bank loans to non-government borrowers (households and firms) increased by 8.8% y/y to RON370bn (€75bn) at the end of April 2023, further losing momentum from 10.2% y/y in March.
The loans denominated in local currency edged up by a mere 1.6% y/y to RON251bn, as households’ balance of loans with banks increased by 3.3% y/y and companies reduced their stock of RON-denominated bank loans by 1.6% y/y.
In contrast, the stock of foreign currency-denominated loans increased by 27.9% y/y to RON119bn.
Companies in particular borrowed such loans, with the stock rising 42.9% y/y to RON95.4bn.
Commenting on this trend, induced by the rising cost of the local currency loans, National Bank of Romania (BNR) governor Mugur Isarescu cautioned against taking exchange rate risks.
There are signals that the European Central Bank (ECB) and US FED (Federal Reserve) will further increase their policy interest rates, so those who rush to take loans in foreign currency, considering them cheaper, now must be careful, warned Isarescu.
The latest GDP figures show that the eurozone contracted in the third quarter and looks like it will do the same in the last three months of the year, falling into a continent-wide recession.
Real wages are up in Russia, but thanks to inflation and subsidised mortgages, the middle classes are getting richer, while the poor are getting poorer.
Russia’s strong growth, driven by heavy military spending, has created growing inflationary pressure as the economy starts to overheat, the Bank of Finland institute for Emerging Economies (BOFIT) says in its weekly update.
In the most recent poll conducted by the Russian Public Opinion Research Center (VTsIOM), President Vladimir Putin's trust rating remained steady at 78.5%.
Ukraine’s leading investment bank Dragon Capital has cut its GDP forecast for Ukraine in 2024 in half to 4% y/y in anticipation of another year of war, The New Voice of Ukraine reported on December 7.
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