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Romania's three-month interbank offered rate ROBOR, which is used for pricing floating rate consumer loans in RON, dropped on Wednesday to 8.06 ppa from 8.14 ppa in the previous session, the National Bank of Romania informed.
Early in 2022 the three-month ROBOR was 3.02 ppa.
The 6-month index that is used for pricing floating rate mortgage loans dropped down to 8.21 ppa from 8.27 ppa on Friday, and the 12-month ROBOR reached to 8.33 ppa from 8.36 ppa on August 9.
The Consumer Credit Reference Index regulated by Emergency Ordinance No. 19/2009 is 2.65 ppa, as to 1.86 ppa three months ago; the index is calculated as the arithmetic average of the daily interest rates of interbank transactions in Q1 2022.
In May 2019, Emergency Ordinance 19/2019 came into force, modifying the way in which the rate is calculated for RON-denominated loans with floating interest rates. Thus, Ordinance 19 established the Consumer Loan Reference Index, calculated quarterly exclusively on the basis of interbank transactions.
The Governor of the National Bank of Romania, Mugur Isarescu, declared on Tuesday, during the conference for presenting the report on inflation, that the banks have gone over the line with the ROBOR index and went way above the monetary policy rate, which is why he personally sent a message to the banks: to look more carefully at the National Bank's messages. He declared that he "hopes and believes" that the three-month interbank offered rated will be closer to the monetary policy rate.AGERPRES
