Raiffeisen Bank cuts interest for Romanian clients with loans in Swiss Francs

Raiffeisen Bank decided to reduce the interest rate for its clients with loans in Swiss Francs by 0.5%, starting Friday, January 23. The bank made this decision five months before contractual terms, as a measure of support given the massive appreciation of the Swiss currency.The interest reset operation should have been done at the end of June 2015, according to contractual terms. Raiffeisen Bank has a portfolio of 8,800 clients with exposure in Swiss francs, and all loans are guaranteed with real estate properties, according to a statement of the bank. OTP Bank also announced last Friday that it will reduce interest rates for clients with CHF-denominated loans, while Volksbank decided to freeze the CHF/RON exchange rate for the next three months. The Swiss Franc reached a new high against the Romanian Leu on Wednesday, January 21,, of RON 4.5054/CHF. Irina Popescu, irina.popescu@romania-insider.com