Romania's pace of credit growth slowed down to 55.8% in July

The pace of credit growth in Romania slowed down to 55.8% in July as compared to the same period last year, to reach 178.69 billion Romanian Ron as the value of the foreign currency dropped, Romania’s National Bank data shows. In late June, the nongovernmental credit rose by 63.4% as compared to the same period, in 2007.

Thus, on July 31, credits in the national currency rose by 39.4% while credits in foreign currency advanced by 73.2%. Expressed in euro, the foreign currency credit growth amounts to 54.6%. As compared to June, the nongovernmental credit increased by 0.3% due to the 2,4% increase of the national currency component and of the 1.5% increase of the foreign currency component, as expressed in Romanian Ron.

Credits offered to the population dropped by 0.7% in July while national currency funding grew by 3.3%. As compared to July last year, the foreign currency credit increased by 105.2% up to 48.52 billion Romanian Ron.