Survey indicates Romanians trust local banks

Analysts indicate that, amidst the international crisis, this feeling is understandable. “I am not surprised that bank deposits top savings preferences. The percentage would have been higher had the survey not come amid the latest financial market events. This is the reason why the percentage of those keeping their savings at home is higher,” Economist Dan Pascariu said.

Twenty-nine percent of those interviewed prefer bank deposits. A further 26 percent say the best way to save is by acquiring real estate assets, while 16 percent prefer to keep their money at home.

Analyst Misu Negritoiu said that lenders preferred by Romanians are powerful banks with strong networks.

The National Savings Bank (CEC Bank), the only state-owned lender locally, Banca Romana de Dezvoltare-Groupe Societe Generale (BRD-SocGen) and Banca Comerciala Romana (BCR), Romania’s top lender, owned by Austrian group Erste, are the banks trusted most by Romanians.

Furthermore, 49 percent of Romanians have the highest trust in the euro. The local leu follows, at 40 percent, while only 3 percent prefer the dollar. According to Pascariu, trust in the euro is due to the European currency’s appreciation against the dollar in the past two-three years. Furthermore, Romania aims to join the euro-zone. “It is natural that they trust a currency we are going to adopt sooner or later,” Pascariu added.

Romanians interviewed said that the impact of the financial crisis will be felt in Romania, as in other European countries, but that the savings behavior is unlikely to change.