Loans will be cheaper

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Posted by: Mazur Rodica

News / Economic

11 Sep. 2020 / 16:00

Loans will be cheaper

The National Bank of Moldova decreased the base rate applied to the main short-term monetary policy operations by 0.25 percentage points, reaching an all-time low of 2.75 percent annually. The decision has a stimulating character and comes in support of the national economy, reports Moldova 1.

Specialists claim that with the decrease of the basic refinancing rate to a new historical minimum of 2.75 percent annually, favorable conditions are created for increasing the volume of loans to the national economy.

"This would mean a further decrease in interest rates on interbank loans, loans to the population, will be a motivating factor for businesses to develop first of all existing businesses. And last but not least, in order to create business in our country," says Gheorghe Ursu, president of the credit organization.

Bankers are ready to provide money for the development of new businesses in Moldova.

"Total assets in the banking sector today are over 94 billion lei, of which 41 billion is the loan portfolio of these banks. They have an enormous potential to credit the national economy, but there is a need for eligible projects, a balanced and rational interest rate policy," said Gheorghe Ursu.

Currently, the interest rates on new loans granted in Moldovan lei amount to 8.16 percent annually, and in foreign currency are 4%. Most loans have been invested in trade and the mortgage sector. In total, in our country, there are 11 commercial banks and 168 non-bank lending organizations.

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