ROBOR sets record high on the first working day of 2022, 50% higher than a year ago

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ROBOR (Romanian Interbank Offer Rate), the index that calculates the cost of loans in lei at 3 months increased on Monday to 3.02% per year, according to the National Bank of Romania, by 50% more than a year ago.

ROBOR increased to 3.02% per year on Monday, from 3.01% on Friday. The ROBOR index stood at 1.98% per year in early 2021.

The 6-month index, used in the calculation of interest rates on mortgage loans in lei with variable interest, rose to 3.14%, from 3.13% per year a session ago, and the 12-month ROBOR increased to 3, 24% per year, from 3.23% on Friday.

Romanians who have consumer and mortgage loans related to the IRCC still do not feel the increase in rates, because this reference interest rate has a gap of 6 months. It is now 1.08%.

The interest rate hike comes as a result of the Central Bank’s decisions to raise the key interest rate to 1.75%.

The NBR will increase the benchmark interest rate several times this year, but analysts’ views on the maximum level are divided: some go for 2.5%, others expect 3.5%, if not more.

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