When you sign a loan, you're told a rate. '8.4% per year', or 'IRCC + 3.2%', or '6-month Euribor + 2.8%'. Behind it, the decision about how much you pay monthly isn't the bank's alone — it's shaped by three things: the National Bank of Romania (NBR) policy rate, IRCC for lei loans, and 6-month Euribor for euro loans. Here's how they connect.
NBR and the policy rate
The NBR — Romania's central bank, sets the monetary policy rate. It's the rate at which the NBR lends to commercial banks and takes deposits from them. The fundamental signal for the entire credit market.
The NBR Board meets monthly. When inflation is high or the lei depreciates, the NBR raises the rate: to discourage lending and attract deposits. When the economy slows, the NBR cuts the rate. To encourage investment.
In 2026 the rate sits between 6.25% and 7%. Each 0.25% hike shows in 1-3 months in deposit rates, in 3-6 months in IRCC, and then in every variable-rate loan.
IRCC — for lei loans
IRCC (Reference Index for Consumer Credit) was introduced via GEO 19/2019, calculated quarterly by the NBR from bank deposit rates. More stable than the old ROBOR — it doesn't react daily.
Your lei loan rate = current IRCC + the bank's margin. See IRCC explained for details.
6-month Euribor, for euro loans
Euribor (Euro Interbank Offered Rate) is the eurozone interbank rate. 6-month Euribor is the most-used variant for medium- and long-term variable loans: including EUR mortgages in Romania.
The European Central Bank sets the eurozone base rate; Euribor reflects this policy. In 2026 6-month Euribor swings between 2.3% and 3.4%. If your EUR mortgage is at 6-month Euribor + 2.5% margin, your rate is 4.8-5.9%.
Apparent advantage: EUR rate is lower than lei rate. Real disadvantage: if your income is in lei, FX risk is large. The gap between 4.95 lei/EUR and 5.30 lei/EUR on a 250-EUR payment means 87 lei extra monthly. Invisible year 1, very visible over 25 years.
How it all connects
Chain: NBR sets policy → banks adjust deposit rates → quarterly IRCC reflects the average → variable lei loans recompute each quarter. For EUR: ECB → Euribor → EUR loans.
Roman, ex-risk analyst at BCR then product manager at ING: you don't need to watch NBR or Euribor daily. But know this: when the press reports 'NBR raised the rate 0.25%' or 'ECB held this month', it's time to recheck your family budget. Your monthly payment will move in 30-90 days.