Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at [email protected] 

 

Romanian banks charge lower interest rates on mortgage, consumer loans

The quarterly IRCC, the benchmark local banks use for indexing their interest rates on mortgage and consumer loans, decreased from 2.41% to 2.17%, Romania's National Bank (BNR) announced on September 30, Ziarul Financiar reported.

The updated index was calculated based on the weighted average interest rate for the money market deals during the second quarter (Q2).

Romanians will thus pay lower loan interest rates in the next three months.

The IRCC is slightly higher than the value announced on Wednesday for the 3-month ROBOR index, quoted at 2.11%, now on an upward trend after it has hovered below 2% until recently.

Starting May 2019, the banks grant new retail loans in local currency with variable interest indexed to a new benchmark (IRCC), which replaced ROBOR in retail credit contracts.

IRCC is calculated at the end of each quarter and used by each credit institution to calculate the interest rate charged during the next quarter.

(Photo: Pixabay)

[email protected]

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Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at [email protected] 

 

Romanian banks charge lower interest rates on mortgage, consumer loans

The quarterly IRCC, the benchmark local banks use for indexing their interest rates on mortgage and consumer loans, decreased from 2.41% to 2.17%, Romania's National Bank (BNR) announced on September 30, Ziarul Financiar reported.

The updated index was calculated based on the weighted average interest rate for the money market deals during the second quarter (Q2).

Romanians will thus pay lower loan interest rates in the next three months.

The IRCC is slightly higher than the value announced on Wednesday for the 3-month ROBOR index, quoted at 2.11%, now on an upward trend after it has hovered below 2% until recently.

Starting May 2019, the banks grant new retail loans in local currency with variable interest indexed to a new benchmark (IRCC), which replaced ROBOR in retail credit contracts.

IRCC is calculated at the end of each quarter and used by each credit institution to calculate the interest rate charged during the next quarter.

(Photo: Pixabay)

[email protected]

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