The 3-month ROBOR index declines after 15 consecutive days of growth

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The 3-month ROBOR index, according to which interest rates on most RON loans are calculated, has reached 1.79% after 15 consecutive days of growth, according to data released by the National Bank of Romania (BNR) on Wednesday.

ROBOR at 3 months increased accelerated since September 18, when it reached the level of 1%. Last Friday, the index reached 1.58%, then 1.71% on Monday, and 1.8% on Tuesday.

The ROBOR index at 6 months fell to 1.87% after the level of 1.89% on Tuesday, the highest level since January 7, 2015 (1.92%).

This indicator had also increased in recent days, reaching 1.69% on Friday and 1.78% on Monday.

Central bank Governor Mugur Isarescu said on Tuesday the ROBOR increase was caused, among others, by the lack of liquidity on the market and by the unexpected hig collection rate by the tax authority. “This month there was a better performance in collecting the taxes. It was collected more than expected. I do not know is they expected this but the banks absorbed more liquidity. BNR’s role is to regulate liquidity. Our operations are weekly. The moment of September 2017 comes after a long period of liquidity surplus,” Isarescu said. He anticipated that on Wednesday (today – our note) the ROBOR index will go down.

Finance Minister Ionut Misa said on Tuesday, after a meeting with the BNR representatives, that the ROBOR increase is related to issues of market liquidity, given that the tax collection rate has increased and it’s the BNR job to find solutions in order to ponder the ROBOR raise.

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