The three-month rate was also 2.15% at the end of last week.
By comparison, the three-month ROBOR index was 2.20% end-June 2020, 2.40% end-May 2020, 2.50% end-April 2020 and 2.55% end-March 2020. The three-month index has decreased as a result of the Romanian central bank’s decisions to lower its benchmark interest to 1.75% a year from 2% a year and to cut lending and deposit facilities rates.
The six-month money market rate, which is used to calculate interests on leu-denominated mortgage loans, stayed put at 2.24%.
The IRCC, which is 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. The IRCC level for the first quarter of 2020 is 2.41% and the value of the daily index on August 3, 2020 is 2.17%.