Once the country joins the euro area, the interest rates on bank loans will be calculated based on the Euribor rate, said BRD vice-president Claudiu Cercel.
“Bank customers whose contracts stipulate fixed interest rates on leu-denominated loans will pay the same rates. However, for those who pay variable interest rates, there will be a change in the benchmark rate and the Euribor will replace the local reference rate ROBOR,” Cercel said.
BRD’s official argued that this would be the only logical step regarding the loans with variable interest rates, considering that closing the gap between local and eurozone rates is one of the requirements for joining the 18-nation euro area.
He said the conversion to the Euribor benchmark might negatively affect borrowers who took out loans with fixed interest rates.
The Romanian interbank offered rate, or ROBOR, has always been well above the Euribor benchmark, particularly considering that the central bank’s key lending rate has been higher than the one set by the European Central Bank.
Wednesday, the 3-month ROBOR was 3.2%, whereas the 3-month Euribor was 0.34%.