Banks to lower interest on deposits

Banks in Moldova intend to lower interest rates on deposits, both of individuals and entities, in a bid to enhance lending for the business sector, Info-Prim Neo learned from the Moldovan Banks' Association (ABM). “Lowering the rates on bank deposits could be a solution to redress the situation during the ongoing economic crisis”, it was said in a statement from the ABM. The ABM also advised legal modifications to strengthen bank resources amid the rampant economic crisis. While last year the interest rates on savings rose several times, in April the average interest rate on deposits in national currency dropped to 18.72% from 20.69% in January; the average interest rate on deposits in foreign currency fell from 11.81% to 9.66%.