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Savings rate in Romania higher than region's average level, still needing stimulation

The savings rate in Romania saw a significant increase since 2008, but we should not forget that this evolution comes after two decades when the rate was extremely law, Vice Governor of the National Bank of Romania (BNR), Bogdan Olteanu, on Wednesday told the Romania Financial Forum.

'We managed to slightly surpass the average level in our region (in terms of savings rate - editor's note) but, of course, we want the rate to continue to grow. We must think of a public policy to stimulate savings. Right now, we are practicing a rather neutral policy, we do not encourage people to save in any way, since the interests are subject to the same flat tax', said Olteanu.

The BNR official appreciated that there must be found an alternative financing solution for the banks, a solution to guarantee the funds, and he mentioned the new law drafted by the BNR to help the banks in this respect, by allowing them to issue bonds guaranteed by mortgages.

This draft law will be soon sent for consultations to bankers, international partners and the government, its aim being to ensure a financing flow towards the banks, so that they can continue to give credits.