The three-month rate stood at 4.36% a year at the beginning of last week and at 4.25% in early March 2022. The rate started 2022 at 3.02% a year.
The increase of the rate up to the current level started on February 24 when Russia launched a full-scale invasion into Ukraine, at which time the rate grew from 3.56% on Feb 23, 2022 to 3.61% on Feb 24, 2022.
The six-month ROBOR used in calculating variable interests for mortgage loans in lei increased to 4.64% on March 22 from 4.58%, while 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, advanced to 4.69%.
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.