The interest rate on deposits in lei attracted from private individuals and legal entities in the first quarter of this year rose by 3.37 percentage points to an average of 9.25%. In March the banks attracted deposits in lei from private individuals at an average interest rate of 13.54%, as opposed to 8.12% last December, IPN reports.

“The rise in the interest rate on new deposits attracted in Moldovan lei from private individuals was stimulated by the National Bank’s decision to toughen up the monetary policy. As a result, saving in national currency was encouraged and the pressure on the currency market was reduced,” said the central bank’s governor Dorin Dragutanu, quoted by IPN.

The balance of deposits attracted from private individuals and legal entities since the beginning of this year rose by 1.5% to 49.2 billion lei. The deposits in lei represented 48% of all the deposits at the end of March.

The balance of loans in lei increased by 614 million lei or 2.4% in the first quarter of this year. These loans represent about 60% of all the loans.