The 3-month ROBOR (ROBOR 3M), the interest rate at which banks lend to each other in Romania, reached 2.21% (per year) yesterday, the highest level since October 2014, according to Romania’s National Bank (BNR).

A higher level was recorded on October 27, 2014, when the 3-month ROBOR amounted to 2.33%.

The 6-month ROBOR rose to 2.35% yesterday, the highest level since November 3, 2014, when it reached 2.37%.

On October 3, BNR lent local banks RON 9.35 billion (over EUR 2 billion) to stop the ROBOR increase after prime minister Mihai Tudose criticized it for not intervening to stop the interest rate growth. On October 10, BNR lent local banks another RON 4.1 billion (EUR 900 million) via a 7-day repo operation at 1.75% per year.

The interest rates entered an accelerated growth trend at the end of September. The 3-month ROBOR ranged between 0.8% and 0.9% for a long period before the recent spike.

editor@romania-insider.com