The volume of new loans provided in Moldovan lei in the third quarter of this year fell by 19.3% on the corresponding period last year. The average quarterly interest rate on the new loans released was 14.7%, compared with 11.2% in the third quarter of 2014, IPN reports.

Commenting on this data, acting governor of the National Bank of Moldova (NBM) Dorin Dragutanu said that though the central bank since last December has increased the base rate by 16 percentage points (to 19.5% at present), the average interest rate on new loans provided in lei rose by only 3.5 percentage points.

“The idea that the economic entities do not take out loans owing to the high interest rates is not justified. More exactly, this is not the only reason why they do not apply for loans,” stated Dragutanu.

According to him, the regional and local crises also have an impact as the economic entities fear they will be unable to repay the loans given the difficulties they face, Moldova’s lower exports to foreign countries and the difficult economic situation.

The new deposits attracted in lei in the third quarter of 2015 rose by 41.7 on the third quarter of last year. But the balance of deposits attracted in lei in January-September this year fell by 11.1% (-2.9 billion lei) compared with the corresponding period of 2014. According to the central bank, this is due to the increase in the volume of deposits in U.S. dollars in January-February this year, when the leu witnessed the most serious depreciation, and to the withdrawal of the deposits from Banca de Economii, Banca Sociala and Unibank.

The interest rate on deposits in lei attracted from natural and legal persons in the third quarter of this year increased to an average of 13.1%. In June-September 2015, the banks attracted deposits in lei from private individuals at an interest rate of 16.1%, as opposed to 7.8% in September 2014. The rise of 8.3 percentage points in the interest rate on new deposits attracted in lei from private individuals was stimulated by the NBM’s decision to make its monetary policy harsher and has as effect the stimulation of saving in national currency and the diminution of pressure on the currency market.

Dragutanu said the situation in the banking system will stabilize following the withdrawal of the licenses of Banca de Economii, Banca Sociala and Unibank, while the rising interest rates on deposits in lei will foster the rise in the volume of deposits in national currency.