The average interest rate on new loans granted by banks in the last year increased by 70%. If last year the average interest rate was 6.8%, now it has reached 11.3%.
In 2021, consumer loans were offered at the lowest basic bank interest of 4.4%, without other additional payments, and currently they are offered at 13.7%, notes economist Veaceslav Ioniță in the weekly show “Economic Analysis”, according to money.md According to the expert, for natural persons practicing entrepreneurship, loans have become more expensive by 50%, from 9.1% to 13.8%. For natural persons who own real estate, loans also increased by 50%, from 6.6% to 9.9%, and for legal entities, loans increased by 27%, from 8.2% to 13.7%.
“The NBM’s monetary policy led to the differential appreciation of money, discouraged consumer loans and loans taken by natural persons practicing entrepreneurship. Economic agents recorded the lowest growth. Due to the increase in the price of credits, only the Government suffers the most, which for this year approved a budget with the largest budget deficit in the country’s history, a deficit that must be covered by external loans, which are late in coming, and internal loans. The economist recalled that the Government made the decision to stop borrowing from Moldovan banks, because if last year it was borrowing at 5.53%, now the interest has reached 20.5%. A 3.7 times increase in price. “The money has become more expensive for the Government, then the consumer loans of the population, followed by the loans granted to the whole population but for a purpose other than consumption, and for economic agents the increase in price is the lowest”, stated Ioniță.
The economic analyst also mentioned that the NBM, through its monetary policy, discouraged loans and encouraged deposits, and money also became more expensive in terms of savings. If last year, the average interest rate for individuals’ deposits was 3.5%, today it has increased to 11.4%.
“If last year, Moldovan citizens and Moldovan economic agents accessed monthly credits of 890 million lei, this year monthly credits of around 639 million lei are offered. Last year it represented 4.4% of GDP, now it is 3%”, the economic analyst noted.