The volume of new loans provided in the first quarter of this year rose by 1.8% compared with the corresponding period last year. The interest rate on the new loans decreased to 9.51%, according to the report on inflation presented by the National Bank vice governor Vladimir Munteanu on May 7, IPN reports.
“We anticipated a decline in the interest rates on loans while presenting the report on inflation in February. This was confirmed, but the pace of decrease in interest rates in the immediate periods could be lower,” stated the vice governor.
In the first quarter of this year, the balance of loans in Moldovan lei diminished by 4.7%. The volume of loans released in foreign currency increased by 12.5% in the period.
“This tendency of augmentation of the volume of loans in convertible currency is a risk that can considerably affect the debtors in case of the increased volatility of the exchange rate of the national currency and, by transmission, can affect the balances of the commercial banks. The National Bank noticed this tendency in the previous forecast rounds. We will thoroughly examine the phenomenon and, if need be, the National Bank will come up with prudential or monetary policy measures to prevent the accumulation of risks that derive from the excessive lending in convertible currency,” said Vladimir Munteanu.
