The National Bank of Romania published today the new value of the quarterly IRCC, it being calculated at 4.06%, up from 2.65% per year.
This is an all-time high for the IRCC since it came into effect in May 2019. Then the IRCC stood at 2.36%, but gradually decreased to a low of 1.08% in November 2021. They followed a sustained growth, and for the first quarter of 2022 its value was calculated by the BNR at 2.65%. Today, September 30, the National Bank announced the new value of the quarterly IRCC, which will be used by banks to calculate customer rates in the next three months.
IRCC is daily and quarterly, with the quarterly being used for loans granted to customers after May 2019 – when it replaced the 3-month ROBOR.
The daily IRCC is calculated by the NBR every day and represents the weighted average (with transaction volumes) of the interest rates of transactions on the interbank money market. On a daily basis, IRCC has also recorded increases in recent months, with ROBOR at 3 months. Thus, in the second quarter, April-June, the daily IRCC had a minimum value of 2.16% and a maximum value of 5.16%.
The quarterly IRCC, the one used for loans, is established as the arithmetic average of the daily IRCC values communicated for the previous quarter (all working days in the quarter are taken into account), to be applied by each credit institution for the following quarter. The new value is published by the BNR on the last working day of the quarter.
Thus, today, on the last day of the third quarter, the IRCC related to the second quarter of 2022 is published. According to Economica.net, approximately 450,000 Romanians have loans with the IRCC reference index.