The three-month rate stood at 2.29% a year on Friday (October 22).
The rate surged by 4% during October 18-22 week and by 28% since the beginning of October 2021.
The six-month ROBOR used in calculating variable interests for mortgage loans in lei, rose to 2.42% on Monday from 2.41% on Friday. The twelve-month index, which represents the interest rate paid on loans in lei attracted by commercial banks from other commercial banks for a twelve-month period, grew to 2.50% a year on Monday, from 2.49% on Friday.
In early October 2021, Romania’s central bank raised the key rate to 1.5% a year from the all-time low of 1.25%. It also raised the deposit facility interest rate to 1% from 0.75% a year and the lending (Lombard) facility interest rate to 2% a year from 1.75% a year as of October 6.
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.