Millennium Bank starts workings to develop its branch network and offer complete range of retail products and services through all its units. rnrnThe bank extends the activities of its previously specialised consumer finance branches and supplies them with teller desks for full retail services. rnrnAs of July 13, 2009, a total of 46 Millennium Bank units located in 15 cities Arad, Bacau, Brasov, Bucharest, Craiova, Cluj, Constanta, Galati, Iasi, Oradea, Ploiesti, Pitesti, Sibiu, Timisoara, Targu-Mures – will undergo development workings.rnrnWe decided to develop our territorial network services in order to better meet our clients needs and provide them with our complete retail offer, including operations at the teller desks, said Jose Toscano, CEO Millennium Bank Romania.rnrnThe development workings will last up to three weeks for each unit and are scheduled between July and October 2009. All units in a city, which are subjected to this development program, will be closed for workings at the same time. During this period, the clients will benefit from permanent access to the banks products and services within the local branches that already had teller desks and provided complete retail services from their launch.rnrnAt present, Millennium Bank has 73 units in Bucharest and 17 counties, addressing individuals, companies and Private Banking clients by an extensive range of products and services. Millennium Banks network will have a total of 75 branches by this year end.rn
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The neutral nominal rate in Romania has been falling since the start of inflation targeting in 2005. The Taylor Rule clearly shows that interest rates peaked in 2022 and have been on a clear downward path ever since.Furthermore, the model estimates a long-term neutral nominal rate of around 3.9%, which is the equivalent of approx. 1.4% real.Using a more sophisticated model (i.e. New York FED’S HLW model), the real neutral interest rate in Romania is estimated currently at around 1.5% (1.7% 2023 average) and the historical mean at 1.2%.This implies a neutral nominal rate between 4.00% and 4.50%. In the past decade, the NBR real effective rate was below the neutral rate and only over the past year climbed above the neutral mark.Source: Erste Bank
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