Romania's three-month interbank offered rate ROBOR, which is used for pricing floating rate consumer loans in RON, dropped on Tuesday to 2.98 ppa from 2.40 ppa on May 30, the National Bank of Romania (BNR) informed.
Early in 2019 the three-month ROBOR was 2.99 ppa, and at the beginning of this year it stood at 3.19 ppa. On June 3, 2019 the benchmark interest rate was 3.24 ppa.
The 6-month index that is used for pricing floating rate mortgage loans dropped to 2.39 ppa from 2.49 ppa on Friday, and the 12-month ROBOR also slid to 2.46 ppa from 2.57 ppa in the previous session.
The Consumer Credit Reference Index (IRCC) regulated by Emergency Ordinance No. 19/2009 is 2.44 ppa in Q4 2019; the index is calculated as the arithmetic average of the daily interest rates of interbank transactions in the second quarter of the year.
OUG No. 19/2019 came into force in May 2019, modifying the way the interest rate for floating rate loans in RON is calculated and setting as benchmark the IRCC, calculated quarterly exclusively on the basis of interbank transactions.