The interests on Swiss franc deposits reach about 1% a year on the average, below the euro or dollar interest rates, so that the appreciation prospects of the franc are the only argument that could convince customers to keep their savings in this currency.
“Such products are marginal products in banks’ portfolios. Customers do not make a deposit expecting the currency in question to rise,” one banker said.
The Swiss franc has strenghtened by more than 60% over the last four years, from RON2.2 to RON3.6, due to the volatility of financial markets, which made investors turn to safe havens. The chances of the franc continuing its appreciation seem rather slim, considering the exchange rate appears to have reached a balance in the last few months.
Those who bet on the Swiss currency at the beginning of the crisis gained twice as much as they would have if they had kept their savings in lei. For instance, a customer who deposited CHF5,000 (RON11,000) in 2008 would now have almost RON19,000 in their account.
The volume of deposits in currencies other than lei and euros rose by 47% since late 2008 when the crisis started making an impact on the local market to the equivalent of RON5 billion according to central bank data. The statistics of the central bank, however, do not specify the percentage of Swiss franc deposits in the total.
(English version by Loredana Frățilă-Cristescu)