The six-month ROBOR, used in calculating variable interests for mortgage loans in lei, stayed at 6.53% on July 25, while the 12-month ROBOR index inched down to 6.70% on July 25 from 6.71% on July 24.
The three-month ROBOR has been mostly going down since the beginning of 2023 but there were also days when it remained flat, central bank data show. The last time the three-month index was below the 7% threshold was on July 13, 2022. The trend of the ROBOR index is impacted by several factors among which the central bank’s monetary policy, the market liquidity, inflation and tax policy.
In July 2023, the central bank board decided to keep the key rate at 7%, as well as leave the (Lombard) lending facility rate unchanged at 8% per year and the deposit facility rate unchanged at 6%.
On January 3, 2023, the three-month ROBOR index was 7.56%, and on December 30, 2022 it stood at 7.57%. The index touched a record high of 8.21% in October 2022, in line with central bank data.
The three-month index further stays above the value of the IRCC index, which is used by banks to calculate interest rates for new loans taken out starting with the spring of 2019. The IRCC remains below 6% until end-2023, being expected to reach 5.96% (computed based on data from the second quarter of 2023) in the fourth quarter of 2023. The index is 5.94% for the third quarter of 2023.