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Croitoru (BNR): Crediting still low in Romania although new loans tend to return
Romania is still in the post-crisis stage in which crediting is still low, although new credits have started to grow. This is a behaviour specific of any economy which went through the crisis, said Lucian Croitoru, the counsellor of the BNR governor at a specialised conference.
He reminded studies made at world level which show that in emerging countries, economic growth can be resumed based on savings made by companies and not based by crediting. “Economic growth can resume because companies have their resources, make savings, which in case the public sector is not restructured the government comes to collect taxes and pays where it is necessary. That has been happening for 25 years. Crediting is still low and we are still in that stage, although new credits tend to return,” Croitoru said.
On November 6, BNR governor Mugur Isarescu spoke about a clear expansion of credits in the national currency, showing that financing real economy, especially small and medium companies is not satisfactory. According to BNR data, the non governmental credit granted by credit institutions dropped in September 2014 by 0.2% (0.3% in real terms) compared to the previous month to the level of 213,069 billion lei.