Economy and interest rates · updated October 21, 2026
What are ROBOR and IRCC, Romania's reference rates for loans
ROBOR and IRCC are Romanian indices that show what money in lei costs between banks. A variable-rate loan in lei is priced as the index plus the bank's fixed margin. New loans to individuals have used IRCC since May 2019. ROBOR is still used for company loans and some older loans. They play the same role as Euribor in the euro area or SOFR in the US.
How it works
ROBOR is set daily from the rates at which a panel of banks say they would lend to other banks, for periods from one day to one year (3-month ROBOR is the most used). IRCC, the reference index for consumer loans, is calculated by the National Bank of Romania from the rates of actual interbank transactions and applied with a lag of a few months. That is why IRCC follows ROBOR's direction, but more slowly. The loan rate is reset periodically: the index at that time plus the fixed margin in the contract.
Worked example
You have a mortgage in lei with a bank margin of 2%, and IRCC is 6% on the reset date.
If IRCC drops to 5%, the loan rate drops to 7% at the next reset. The margin stays the same for the whole life of the loan.
Worth knowing
Both indices follow the National Bank of Romania's key rate. When it raises rates, ROBOR rises quickly and IRCC a few months later. Loans with a fixed rate for the first years do not feel the change until the fixed period ends.
When ROBOR and IRCC can fool you
Look at the margin, not the index: the index is the same at every bank; the difference between offers comes from the margin and the fees. The IRCC lag: when rates start to fall, your payment only drops a few months later.
Related terms
Questions about ROBOR and IRCC
Which is better, ROBOR or IRCC?
Borrowers cannot choose: Romanian law requires IRCC for new leu loans to individuals. IRCC moves more slowly, so both rises and falls reach your payment later.
Can a loan move from ROBOR to IRCC?
For older loans, the 2019 rules allowed switching, with the bank's agreement. Borrowers should check their bank's current terms.
These explanations are for information only. They are not a recommendation to buy or sell.
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