Romania’s 6-month ROBOR hits fresh 3y8m high of 3.02 pct

Romania’s six month money market rate (ROBOR), a major indicator for the interest rates for RON currency borrowers, reached on Thursday a fresh record of the last three years and eight months of 3.02 percent, National Bank of Romania (BNR) data show.

The 6-month ROBOR calculated for June 14, 2018, is the highest since September 30, 2014.

The 3-month ROBOR rate stood at 2.90 percentage point for the fourth day in a row. The 3-month current level is the highest since October 2014.

Compared with the end of 2017, the 3-month index rose by 0.85 percentage points, from 2.05 percent.

On May 7, Romania’s central bank raised the monetary interest rate from 2.25 percent to 2.5 percent, the highest level since February 2015, in line with economists’ expectations, who see the decision as a consequence of upward revision of the inflation forecast.

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Analysts say the 3-month and 6-month money market rates should be above the central bank’s policy rate.

Romania’s central bank also had weekly open market operations during the last two months, absorbing excess liquidity in the market.