He contradicts analysts who talk about “the alteration of transmission channels” for monetary policy decisions in terms of interest rates on loans for private clients and says that in fact the BNR is working on “widening” these channels, and that statistical data will start to reflect a more visible cheapening of loans as a result of BNR decisions.
But the central bank cannot deny that some commercial banks made leu-denominated loans more expensive even in January, after two successive cuts to the key interest rate. “Loans are not granted by the central bank, but by commercial banks,” says Vasilescu, seeking to take some of the responsibility off the central bank.
At the same time, he admits that the banks “include the risk in the cost of lending.” As shown by the moves of certain major banks on the market, such a policy can quickly nullify the effects of the BNR cutting its key interest rate. Not even state-controlled CEC Bank is coming up with aggressive offers for leu-denominated loans, while foreign banks only say it is time for lending in lei, without taking concrete steps to encourage it, sometimes quite the contrary.
(English version by Daniela Stoican)