The annualized percentage rate for a consumer loan in lei reached 15.6% in September, 0.5% higher than in August, according to central bank data. The increase in interest rates happened after many banks adjusted the reference indices they use when deciding on loan costs, because they are borrowing at higher costs, as well.
Mortgage loans in lei, too, became more expensive in September, and the annualized percentage rate rose to an eight-month high of 8.36%, while the cost of a mortgage loan in euros fell to an all-time low of 4.96% a year. The difference between leu and euro interests doubled from 1.7% in May to 3.4% in September.
The interest trend of the last few months comes amid discussions on the market about whether retail lending should be moved to lei in full or not. Even the central bank itself has taken steps to support the idea, and tightened foreign currency lending rules for individual customers.
(English version by Loredana Fratila-Cristescu)