3-month ROBOR Index falls to 3.27%, lowest level of the past 8 weeks

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The 3-month ROBOR Index, according to which the cost of variable-yield loans in RON is calculated, has decreased on Monday to 3.27%, the lowest level of the past eight weeks, according to the figures released by the National Bank of Romania (BNR).

On Friday, the index was 3.28%, a level reached for the seventh consecutive time. The previous lowest level was registered on April 2 – 3.23%.

It is the highest level since August 3, 2018, when it was 3.47%. Early this year the index was 2.99% per annum.

The 6-month ROBOR Index, considered in order to calculate interest rates on mortgage loans, has stagnated at 3.39%.

ROBOR (Romanian Interbank Offer Rate) is the average interest rate for loans in national currency granted on the interbank market.

The National Bank of Romania (BNR) has announced on May 2 the new quarterly reference index for consumer credit (IRCC), which is to replace ROBOR Index, according to which the Romanians’ installments for loans will be calculated, with the level of 2.36%.

IRCC, released as of May 2, is the weighted average of the interest rates according to the transaction volumes on the interbank monetary market during the last quarter last year.

On April 30, the 3-month ROBOR Index was 3.37% and the 6-month ROBOR Index was 3.42%.

Since May 2, BNR posts on its website the index and, at the end of each quarter, the updated value of the reference index for consumer credit.

The new index was introduced by Government Emergency Ordinance 19/2019, amending GEO 114/2018, dated December 2018, introducing the tax on banks’ assets.

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