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Quarterly consumer credit reference index down to 5.90 pct per annum


The consumer credit reference index (IRCC), regulated by Emergency Ordinance (OUG) 19/2019, stands at 5.90% per annum, down from the one released three months ago, of 5.97% per annum, according to data published Friday by the National Bank of Romania (BNR).

The index is calculated as the arithmetic average of daily interest rates on interbank transactions in the fourth quarter of 2023.

According to OUG 19/2019, for loans granted in national currency, the interest rate will be composed of a reference index calculated exclusively on the basis of interbank transactions at a given period, to which the lender may add a certain fixed margin throughout the contract period. The reference index for loans granted in RON with variable interest is published every working day on the website of the National Bank of Romania.

The IRCC is calculated at the end of each quarter, as the arithmetic average of the daily interest rates determined for the previous quarter, to be applied by each credit institution for the following quarter.