While growth in consumer gross lending remains positive in 2022 in Romania, it has slowed dramatically following 2021’s post-pandemic surge. A difficult context includes rapidly rising interest rates, accelerated inflation, the war in Ukraine and its associated sanctions, and soaring energy prices.
Banks are trying to maintain stability through flexibility when it comes to delayed payments, but rising inflation is likely to lead to rising interest on credit locally. The National Bank of Romania approved a temporary moratorium on bank loan repayment in June 2022 as part of the government's response to hiked inflation.
Gross lending in mortgages/housing remains positive and healthy in 2022 though has slowed dramatically since 2021. Real estate in Romania is amongst the cheapest in Europe.
The competitive landscape in consumer lending is consolidated, with the main banks accounting for the majority of the existing lending value. Towards the end of the review period Vista Bank Romania bought Credit Agricole Bank Romania.
Post-pandemic, consumers are expected to be more cautious with high-value purchases. Meanwhile, some will be able to pay for their desired products and services with their own funds, as many Romanians increased their savings during the pandemic years (2020/2021), due to the enforced limitations on movement and changed lifestyles, including little travelling, less spending on apparel and other non-necessities, and limited socialising.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Romania with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Aggregate of Consumer Credit and Mortgages/Housing. Gross Lending: The total value of loans advanced by institutions in a given year; data refers to single year only. Outstanding Balance: The collective amount owed by borrowers at the end of a given year; data refers to the cumulative impact of debt.See All of Our Definitions
This report originates from Passport, our Consumer Lending research and analysis database.
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