The IRCC is computed as a daily mean based on interest rates of all interbank transactions, representing the weighted mean of transactions.
The IRCC, the reference index for household mortgage and consumer loans, was introduced in May 2019 to better reflect the situation on the banking market.
Starting April 1, 2022, IRCC will consider the transactions carried out in the fourth quarter of 2021 when interest rates started to grow amid rising inflation.
The IRCC, which is defined as the quarterly average of interbank money market transactions, replaced the ROBOR money market interest rate in the calculation of variable interests on new retail loans in lei, at the beginning of May 2019.
Romania’s three-month ROBOR index, the interbank interest rate used as a reference to calculate variable interests for loans in lei taken out before May 2019, increased to 4.60% a year on Thursday (March 31, 2022) from 4.59% a year on Wednesday (March 30), in line with central bank data. The rate started 2022 at 3.02% a year and in early March 2022, it stood at 4.25% a year.