The three-month rate has entered a downward trend after the central bank recently lowered its benchmark interest rate by 25 basis points to 1.5% a year from 1.75% a year. Early 2020, the three-month rate was 3.19%.
The IRCC, defined as the quarterly average of interbank money market transactions, has 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.