The new consumer loans issued in local currency in Romania rose by 50% y/y to almost RON 2.7 billion (EUR 540 million), gaining momentum after the annual jump of 28% y/y to RON 2.5 billion (EUR 500 million) in September.

The increase in retail lending was visible, especially in the second part of 2023, after it remained modest until May amid uncertainty, the war in Ukraine, still high inflation and high interest rates – with the average interest rate hovering this year between 13% and 14%.

In Q2 2023, Romanians contracted new consumer loans denominated in local currency in a volume of RON 7.6 billion, just 1% up y/y, after less than RON 6 billion (-8% y/y) in Q1.

More recently, the appetite for consumer credit returned, and in Q3, the cumulative level of new consumer loans exceeded RON 8 billion (+24% y/y).

iulian@romania-insider.com

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