Romania Holds Interest Rate in November

2026-11-12 13:18 By Agna Gabriel 1 min. read

The National Bank of Romania kept its benchmark interest rate unchanged at 6.50% on November 12, as expected, maintaining the Lombard lending rate at 7.50% and the deposit facility rate at 5.50%.

The decision comes amid persistent inflationary pressures, with annual inflation rising to 6.94% in October from 6.17% in August, driven largely by higher fuel and energy prices.

The central bank expects inflation to increase slightly further towards the end of 2026 before gradually declining, returning to its target range in the first quarter of 2028.

Meanwhile, economic activity is expected to recover moderately in the second half of 2026, although fiscal consolidation, weaker consumption and the Middle East conflict pose risks to growth.

The NBR also highlighted uncertainty surrounding energy and oil prices, exchange-rate developments and global financial conditions.

The bank reaffirmed that maintaining price stability remains its priority amid elevated economic uncertainty.



News Stream
Romania Holds Interest Rate in November
The National Bank of Romania kept its benchmark interest rate unchanged at 6.50% on November 12, as expected, maintaining the Lombard lending rate at 7.50% and the deposit facility rate at 5.50%. The decision comes amid persistent inflationary pressures, with annual inflation rising to 6.94% in October from 6.17% in August, driven largely by higher fuel and energy prices. The central bank expects inflation to increase slightly further towards the end of 2026 before gradually declining, returning to its target range in the first quarter of 2028. Meanwhile, economic activity is expected to recover moderately in the second half of 2026, although fiscal consolidation, weaker consumption and the Middle East conflict pose risks to growth. The NBR also highlighted uncertainty surrounding energy and oil prices, exchange-rate developments and global financial conditions. The bank reaffirmed that maintaining price stability remains its priority amid elevated economic uncertainty.
2026-11-12
Romania Holds Interest Rate in October
The National Bank of Romania held its policy rate at 6.5% at its October 2026 meeting, unchanged since August 2024, but implied that uncertainty surrounding the global economic outlook could trigger inflationary pressures. The central bank noted that the recent disinflationary trend in the Romanian economy has persisted, even as the removal of electricity price caps and VAT changes on selected goods triggered base effects. Meanwhile, the surge in oil and gas prices due to the war in the Middle East remained a primary source of inflation risk. Still, evidence of slower economic activity—particularly in household consumption and exports from major industries—prevented a clear hawkish tilt in policy messaging. On top of that, the latest data reflected a slight drop in employment levels.
2026-10-08
Romania Holds Interest Rate as Expected
The National Bank of Romania kept its key policy rate unchanged at 6.5% in August 2026, as widely expected. Annual inflation slowed to 10.42% in June, in line with the central bank’s forecast, mainly due to a sharp decline in LFO and fuel prices, partly offset by higher natural gas and electricity costs. Meanwhile, economic activity contracted 1.2% in Q1, following 0.2% growth in the previous quarter, reflecting weaker household spending and a negative contribution from changes in inventories. The NBR expects activity to recover slightly in Q2 and Q3, amid mixed developments across domestic demand components and economic sectors. Inflation is projected to fall sharply to 6.1% in December following the removal of the electricity price cap and increases in VAT and excise duties. After some volatility in Q4 2026, inflation is expected to resume a gradual decline to 3.4% by end-2027, returning to the target range of 1.5% to 3.5%.
2026-08-10