3-mo ROBOR (Romanian Interbank Offer Rate) index, depending on which the interests of the most RON-denominated loans are calculated, on Thursday increased to 1.57 percent, up from 1.35 percent registered in the previous session.
”ROBOR evolution depends on the liquidity level in the banking market, and during this period the index is in a period of resettlement,” National Bank of Romania (BNR) spokesman Dan Suciu noted.
ROBOR index has not reached such a high level since October 5, 2015, when it reached 1.46 percent as well.
On Wednesday, ROBOR index increased by 10 percent compared to the previous session when was 1.14 percent.
”It should be said, however, that in 2014 and 2015, if we take the September benchmark, 3-mo ROBOR was higher than the current level, not to mention 2012 or 2013 when it reached 4 percent or even 5.80 percent. Of course, compared to a few months ago, some extra lei will be added to pay the rate, as ROBOR’s interest is taken into account in the rate calculation, but for loans granted before 2015, the rates are still below the initial level,” Suciu explained.
In the last two weeks, 3-mo ROBOR index recorded a 45 percent increase, taking into account that on September 18 it had reached the 1 percent threshold.
”Most likely, it’s not the market dynamics that goes ROBOR index up. There are other reasons,” Adrian Vasilescu, strategy advisor with the National Bank of Romania (BNR) stated on Digi24 TV broadcast.
ROBOR is the average interest rate at which banks borrow each other in the Romanian lei. ROBOR is fixed daily by the National Bank of Romania, as arithmetic average of the quotes used by 10 banks selected by the central bank.