The BNR sets one rate. Banks lend to each other at ROBOR, and household loans follow IRCC, which trails by months. Here is the chain, the lag, and what it means for a payment.
↺ Inflation feeds back into the next BNR decision — the loop closes.
On 8 October the BNR Board kept the monetary policy rate at 6.50%, the lending facility rate at 7.50% and the deposit facility rate at 5.50%, and left minimum reserve requirements unchanged. It said annual inflation will rise until the end of the year, citing fuel, energy and other commodity prices and the leu's exchange rate. The minutes are due on 20 October.
The policy rate is set by the BNR’s Board at about eight meetings a year. It fixes what money costs between the central bank and commercial banks, and the rest of the market prices off it.
ROBOR is the average of the rates panel banks quote for lending to each other, fixed every banking day at 11:00. It moves within days of a BNR decision. Many older household loans, especially those taken before 2019, and most company loans are priced as ROBOR plus a margin.
IRCC is the index for household loans in lei, introduced in 2019. It is a quarter’s average of actual interbank transactions, and it applies two quarters later: the value calculated for the first quarter of 2026 is the one in force in July–September 2026. That is why a payment can keep rising for months after rates have started to fall, and the other way round.
Two things push from outside the loop. A weaker leu makes imports dearer and keeps inflation up. A large budget deficit means heavy state borrowing, which lifts government bond yields and puts pressure on rates and the country’s rating.