Three-month interbank offered rate rises to 3.18 ppa

Romania's three-month interbank offered rate ROBOR rose on Tuesday to 3.18 ppa, from 3.16 ppa, on Monday, according to data published by the National Bank of Romania (BNR). At the beginning of last year, the three-month ROBOR was 2.99 per year, and at the end of the year 2.18 pct. On the same day of 2019, the index stood at 2.20 per year. The 6-month index that is used for pricing floating rate mortgage loans went down to 3.25 pct, from 3.26 pct on Monday, and the 12-month ROBOR dropped to 3.30 pct per year, from 3.32 pct. The Consumer Credit Reference Index (IRCC), regulated by Emergency Ordinance 19/2009, for the third quarter of 2019, is 2.36 pct per year, being calculated as the arithmetic average of the daily interest rates of interbank transactions in the first quarter of the year. OUG No. 19/2019 came into force in May last year, modifying the way the interest rate for floating rate loans in lei is calculated and setting as benchmark the IRCC, calculated quarterly exclusively on the basis of interbank transactions. AGERPRES (RO - author: Nicoleta Gherasi, editor: Andreea Marinescu; EN - author: Razvan-Adrian Pandea, editor: Simona Iacob)