Local banks held household and corporate deposits of EUR 58.2 billion at the end of October, up 10.8% year-on-year, according to data from Romania’s National Bank (BNR).

Despite the high annual growth, the bank deposit inventory hasn’t recorded any significant changes in recent months. The recent stagnation is due to the low yields amounting to less than 1% per year, which discourage Romanians from keeping their money in banks.

About 60% of the total bank deposits belong to individuals. Household deposits reached almost EUR 34.6 billion at the end of October, up 1.56% compared to the previous month.

Banks mostly use the resources attracted from individuals for lending. They are more stable and grew during the crisis period, due to a more cautious consumer behavior.

editor@romania-insider.com