The rate started 2022 at 3.02% a year and in early March 2022, it stood at 4.25% a year.
The increase of the rate up to the current level started on February 24, 2022 when Russia launched a full-scale invasion into Ukraine, at which time the rate grew from 3.56% on Feb 23 to 3.61% on Feb 24, 2022.
The six-month ROBOR used in calculating variable interests for mortgage loans in lei stayed at 4.68% and the twelve-month ROBOR index, which represents the interest rate paid on loans in lei attracted by commercial banks from other commercial banks for a twelve-month period, stagnated at 4.73%.
The evolution of the ROBOR index is impacted by several factors among which the central bank’s monetary policy, the market liquidity, inflation and tax policy.
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.