ROBOR rapid growth: The three-month index reaches 1.58pc. Interest rates up by nearly 50pc since Monday

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Three-month ROBOR index, according to which the cost of variable-yield loans in RON are calculated, has increased to 1.58% on Friday against 1.46% on Thursday and against 1.11% on Monday, according to the National Bank information.

Also, the ROBOR six-month index used to calculate interest rates on mortgages, rose to 1.69% from 1.57% on September 28, realitatea.net informs.

At the beginning of September, ROBOR was rated at 0.92% for three months and at 0.87% at the beginning of this year.

Interest rates have increased by 75% over the previous month and by nearly 50% against Monday, zf.ro informs.

ROBOR represents the average interest rate at which the Romanian banks borrow and lend RON. The index is set daily by the National Bank of Romania as an arithmetic average of the quotations practiced by ten banks selected by the central bank.

“The increase in ROBOR in recent days seems to be the result of overlapping a series of factors. We are dealing first with a temporary cut of liquidity in the system, connected to the payments to the budget at the beginning of the week and the beginning of a new period for minimum obligatory reserves. On the other hand, we may have some effects coming from the foreign exchange market, as the RON remains very stable amid a relatively alert depreciation of the currencies in the region,” the BCR chief economist Horia Braun said.

The BCR chief economist has said that we may still see some pressure on liquidity and on the interest rates in the coming days, but the bank’s basic scenario is that things will calm down over a few weeks horizon and that ROBOR at 3 months will remain somewhere in the range of 1%-1.3% by the end of the year.

 

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