Millennium Bank promotes savings through a deposits communication campaign. The bank provides some of the most attractive deposit interest rates on the market.rnrnMillennium Banks saving products are offered in RON, EUR and USD, with various maturities, ranging from one to 12 months, defined to fit the clients needs. The annual interest rates for RON deposits vary from 15% to 16%, while the deposits made for euro have annual interest rates ranging from 5.50% to 6.50%, depending on the chosen maturity. rnrnThe banks clients benefit from zero opening and administration commissions and have the possibility to make partial withdrawals or early redemption anytime, without penalties. The interest is fixed till maturity/ rollover, is calculated daily and paid at maturity.rnrnThe promotion campaign will be developed until May 22, 2009 on TV, print, online and outdoor. The advertising concept was created by GMP Advertising agency, while Initiative Media agency managed the media buying.rnrnMillennium Bank, part of the largest financial private group in Portugal – Millennium bcp, started its activity on the Romanian market on October 11, 2007, by simultaneously opening 39 branches in Bucharest and in other eight cities of the country. Now, Millennium Bank has 71 units throughout Romania, out of which 23 Financial Centers, 47 Credit Centers and one Private Banking branch. Millennium Bank addresses both companies and individuals, by offering an extensive range of products.rnrnMillennium bcp is a success story in European banking. Founded in 1985, Millennium bcp registered, in December 2008, total assets of EUR 94.4 billion. Millennium is Portugal’s leading private financial group and one of the top 100 in the world, and is listed on more than 40 national and international stock market indices with emphasis on the Euronext PSI Financial Services, PSI-20, DJ Eurostoxx banks, Bebanks, and Euronext 100, of the Lisbon, Paris, Brussels and Amsterdam Stock Exchanges.rnrnMillennium bcp has a network of over 1,800 units in 15 countries and over 22,000 employees.rnrnMillennium bcp provides a wide range of products and services, namely savings, investment, mortgage loans, consumer credit, commercial banking, leasing, factoring, insurance, investment banking, private banking and asset management, serving its customers on a segmented basis. Emphasis is given to the Internet banking service, which has been distinguished in Europe for its quality and innovation. Since its incorporation, Millennium bcp has been renowned for its dynamism, innovation, competitiveness, profitability and financial strength. It has made its mark as the top leader in several financial business areas on the domestic market and as reference in the distribution of financial products and services on an international level. rnrnOver the years, Millennium bcp expanded its global reach through operations on international markets, namely on European markets of high growth potential, such as Poland (Millennium bank), Greece (Millennium bank), Turkey (Millennium bank) and, recently, Romania (Millennium bank). At the same time, Millennium bcp develops other autonomous operations on diversified geographic markets, either with strong historical relations with Portugal or on ethnic markets with relevant presence of Portuguese communities, namely Millennium bim (Mozambique), Millennium Angola (Angola) and Millennium bcp Bank (USA). All operations are carried out under the Millennium brand. Millennium bcp is committed to building up a truly multi-domestic Bank of supra-national identity, with a focus on the creation of value on markets selected on the basis of a controlled risk profile and high growth potential, to become internationally recognized for excellence and innovation in the distribution of financial products and services.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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NBR Board decisions on monetary policyIn its meeting of 4 April 2023, the Board of the National Bank of Romania decided:• to keep the monetary policy rate at 7.00 percent per annum;• to leave unchanged the lending (Lombard) facility rate at 8.00 percent per annum and the deposit facility rate at 6.00 percent per annum;• to keep the existing levels of minimum reserve requirement ratios on both leu- and foreign currency-denominated liabilities of credit institutions.The annual inflation rate went down to 15.52 percent in February 2023, from 16.37 percent in December 2022, relatively in line with forecasts. The decrease was mainly driven by the sizeable drop in the dynamics of fuel and electricity prices, under the impact of significant base effects and the change made to the energy price capping and compensation scheme starting 1... detalii
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