Romania’s three-month money market rate (ROBOR), the main indicator that sets the interest rates for RON currency borrowers, rose on Thursday to 3.17 percent, the highest level since November 26, 2018, on liquidity shortages.
On Wednesday, 3-month ROBOR was 3.15 percent.
The 6-month ROBOR stood at 3.34 percent.
Compared with the end of 2018, the 3-month index rose by 0.15 percentage point, from 3.02 percent. The 3-month ROBOR index reached a record low of 0.68 percent in September 2016.
” As the end of the reserve maintenance period nears, some players are becoming more anxious and are paying up to secure funding needs. However, we still believe that the liquidity squeeze is more circumstantial than structural, most likely related to the MinFin’s spending and possibly affected by the still-unapproved budget bill for 2019,” ING Bank analysts said in a research note.
The Romanian government has introduced a tax on bank assets of 0.3 percent from January 1st, 2019, calculated at the current ROBOR 3M-6M level.