Small players in the banking system, such as Bank Leumi and ProCredit, increased the interest rates paid for term deposits in RON to 10% a year, in order to attract more funds from clients. A similar move was recently made by Turkish-based Credit Europe Bank, a sizeable player, with a strong position on retail banking. Bank Leumi, the local branch of one of the leading Israeli financial groups, is now paying a fixed interest rate of 10% a year to attract 12-month deposits. For 3 to 9-month maturities, interest rates have climbed from 9% to 9.5%, while one-month deposits generate a mere 8% interest rate per year. Leumi has operated a major interest rate adjustment, after it lagged behind for a while. ProCredit Bank, a player focused on funding for small enterprises, has increased interest rates for RON deposits by half a percentage point. The new interest rates now range from 9.25% a year for one-month deposits, to 10.5% a year for three-month maturities.
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