The National Bank seeks to limit the circulation of cash, but enterprises and households continue to keep their savings in “mattresses”. It is simply not profitable for citizens to keep money in banks. The average rate on deposits attracted both in national currency (4.7%) and in foreign currency (1.2%) from individuals does not cover inflationary depreciation of term deposits. This does not apply to card accounts of non-cash turnover of funds.
At the end of last year, the population received 33 billion lei in credits from banks, while deposited much more – over 37 billion lei (+19 billion lei on card accounts). In March, the volume of attracted deposits from individuals amounted to 3,067.1 million lei and decreased by 11.4% compared to a month earlier. Although, in general, the volume of deposits of individuals in March 2025 against March of the previous year increased significantly – in national currency by 64%, in foreign currency – by 14%.
According to experts, the regression in the savings behavior of the population may indicate two things: a reduction in income or distrust of banks. If at the end of last year the population lent to banks, now only the need to make solid purchases, given the limitation of cash turnover, can raise the deposit market.
Another thing is legal entities, whose deposit accounts reflect, among other things, the volumes of current operations. According to NBM data, in annual terms, deposits of legal entities in national currency increased by 59.8%, and in foreign currency – by 2.6 times!
However, in March 2025, compared to the previous month, legal entities’ deposits in national currency also sagged (-22.7%). Only importers kept the bar – deposit accounts in foreign currency increased by 48.1%. This situation cannot but affect the volume of lending to business, for which the deposits of the population indirectly become “donor funds”. Deposits of legal entities in national currency in March amounted to 719.4 million lei, and in foreign currency – 268.8 million lei.
