Consumer credit benchmark, IRCC, up to 4.06%. Romanians to pay higher loan rates starting today – The Romania Journal

The National Bank of Romania today released new figures for its quarterly IRCC, which rose from 2.65% to 4.06% annually.

This is the highest ever for the IRCC since it came into force in May 2019. The IRCC then hovered at 2.36% for him, but in November 2021 he gradually dropped to a low level of 1.08%. The value for the quarter of 2022 was calculated by BNR to be 2.65%. Today, September 30th, the National Bank announced new quarterly IRCC values. This is used by banks to calculate customer rates for the next three months.

IRCCs are daily and quarterly, with quarters used for loans granted to customers from May 2019 onwards, replacing 3-month ROBORs.

The Daily IRCC is calculated daily by the NBR and represents the weighted average (by trading volume) of interest rates for transactions on the interbank money market. Every day, IRCC is also registering an increase in recent months and ROBOR is 3 months. Therefore, in the second quarter from April to June, the daily IRCC had a minimum value of 2.16% and a maximum value of 5.16%.

The quarterly IRCC used for loans is established as the arithmetic mean of the daily IRCC values ​​reported in the previous quarter (all business days of the quarter are considered) and applied by each financial institution. next quarter. New values ​​are published by BNR on the last business day of the quarter.

So, today, the last day of the 3rd quarter, the IRCC for the 2nd quarter of 2022 was released. According to Economica.net, about 450,000 Romanians have taken out loans with his IRCC reference index.