In early 2021, the rate stood at 2.01% a year, and afterwards, it has dropped constantly until September. Compared to September 24, when the rate reached 1.65% a year, the current level is nearly 30% higher.
The rate stood at 3.19% a year in early 2020 and at 2.03% a year at the end of 2020.
ROBOR is a monetary indicator used to calculate variable interests for loans in lei and interests for mortgage loans. Loans in lei with variable interests, granted before May 2019, depend on the variations of the ROBOR index.
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.
The IRCC index fell to 1.08% for the loans contracted in the second quarter of 2021, from the 1.25% level in January-March 2021, staying way below the level of the three-month rate used for the loans contracted until May 2019.
The IRCC index is less than half the level of the first value calculated, of 2.36%, valid for loans contracted in the fourth quarter of 2018. The maximum level was reached in the first half of 2019, when the IRCC was 2.63% in the first quarter and 2.66% in the second quarter. Subsequently, the index was on downward trend.