From 1 October 2026 to the end of December, IRCC is 5.57%, per the BNR. Previous quarter: 5.56%.
IRCC is the average of a completed quarter and applies from the second quarter after it. Market moves reach you about six months later.
Since May 2019, variable-rate consumer loans in lei are based on IRCC. ROBOR remains on older loans and company loans.
On 28 September 2026: 5.97%, against 6.52% a year earlier. 6-month ROBOR: 6.04%.
On a 1,000,000 lei loan over 25 years, a one-point rise in IRCC adds about 660 lei to the monthly payment.
IRCC and ROBOR: the short answer
IRCC and ROBOR are the two interest-rate indices behind lei loans in Romania. ROBOR is the interbank rate published every business day, used for older loans and for company loans. IRCC has applied since May 2019 to variable-rate loans to private individuals; it is calculated once a quarter and applied with a lag of about six months. From 1 October 2026, IRCC stands at 5.57%, according to the National Bank of Romania (BNR).
When investors show me a mortgage offer from a Romanian bank, the first line I look for is not the headline rate. It is the line that says "IRCC + marjă". That is where you see what will happen to your payment over the next twenty years.
What ROBOR is
ROBOR (Romanian Interbank Offer Rate) is the rate at which banks in Romania offer each other lei deposits for different terms. The BNR publishes it every business day. Loans mostly use the three-month and six-month ROBOR.
ROBOR reacts fast. When the market expects a rate cut, it falls within the same week. Under pressure, it rises just as quickly.
Until May 2019, mortgages to individuals in lei were also based on it. Anyone who took such a loan before then may still hold a ROBOR-linked contract, so check which index your contract uses.
What IRCC is, and why it replaced ROBOR
IRCC (Indicele de referință pentru creditele consumatorilor) was created by Government Emergency Ordinance 19/2019, and since May 2019 it has been the index for variable-rate consumer loans in lei, including mortgages to individuals.
How it is calculated differently:
- Basis: IRCC is based on rates of interbank transactions actually concluded, not on offers.
- Average: the quarterly index is the average of the daily values in the reference quarter.
- Lag: it applies from the first day of the second quarter after the reference quarter. For example, the IRCC applying from 1 October 2026 was calculated on April–June 2026 data.
The result: IRCC is steadier, but slow. A change in the market reaches your payment roughly six months later, in both directions.
The current values: October 2026
| Index | Value | Source and date |
|---|---|---|
| IRCC, Q2 2026 | 5.58% | BNR, April–June 2026 |
| IRCC, Q3 2026 | 5.56% | BNR, July–September 2026 |
| IRCC, Q4 2026 | 5.57% | BNR, from 1 October 2026 |
| 3-month ROBOR | 5.97% | 28 September 2026 (a year earlier: 6.52%) |
| 6-month ROBOR | 6.04% | 28 September 2026 (a year earlier: 6.67%) |
| BNR policy rate | 6.50% | October 2026 |
ROBOR fell by about 0.55–0.63 percentage points over the past year. IRCC barely moved, partly because of the lag. The BNR also publishes daily values of the index, and they are worth a look: their average over the current quarter is the IRCC that will apply two quarters from now.
What it means for your monthly payment
On a variable-rate loan, your rate is IRCC plus a margin ("marjă") set in the contract. The index moves; the margin stays fixed.
The index is the same for everyone. What you can influence is the margin, the route, and your ability to carry a rising-rate scenario.
Example: a 1,000,000 lei loan over 25 years with a 2% margin. (Illustration only.)
- With IRCC at 5.57%: a 7.57% rate and a payment of about 7,436 lei a month.
- If IRCC rises by one point: about 8,099 lei, roughly 660 lei more.
- If it falls by one point: about 6,796 lei.
So the margin is the number worth negotiating. The index is the same for every bank; the margin is what separates one offer from another. We set out the full formula in our article on mortgage payment calculation in Romania.
Fixed, variable, or fixed then variable
Most banks today offer three options:
- Variable from day one: IRCC plus margin. The payment moves every quarter.
- Fixed for an initial period, usually three to five years, then IRCC plus margin.
- Fixed for longer, at banks that offer it, usually at a higher starting rate.
Inflation in Romania fell to 6.2% in August 2026 according to the National Institute of Statistics (INS), and the BNR raised its end-of-year forecast to 6.1%. Nobody knows where the index will go. Choose a route you can carry even if the index rises by a point. We cover the wider economic picture in our article on Romania's economy in 2026.
And euro loans?
Euro loans are not based on IRCC or ROBOR but on EURIBOR. The differences, including the central bank's different payment caps, are set out in our article on euro vs lei mortgages.
Frequently asked questions
What is the difference between IRCC and ROBOR?
ROBOR is a daily interbank rate based on offers, and it reacts quickly to the market. IRCC is a quarterly average of rates on actual transactions, applied with a lag of about six months. IRCC has applied to variable-rate consumer loans in lei since May 2019.
What is the IRCC value now?
From 1 October 2026 to the end of December 2026, IRCC is 5.57% a year, according to the BNR. In the previous quarter it was 5.56%.
Which index will apply to my new mortgage?
If you take a variable-rate lei mortgage as a private individual, the index will be IRCC, plus the bank's margin. On a euro loan the index is EURIBOR.
Why didn't IRCC fall when market rates fell?
Because of how it is calculated: it is the average of a completed quarter, and it applies only from the second quarter after it. A fall in the market reaches it about six months later.
Should I choose a fixed rate?
It depends on how well you can absorb changes in the payment. A fixed rate gives certainty for a period; a variable rate is sometimes cheaper at the start but moves with the index. Ask the bank for the payment on both routes and for the early repayment terms.
The bottom line
ROBOR and IRCC are not banker's jargon. They are the engine of your monthly payment on any variable-rate lei mortgage.
The index is the same for everyone. What you can influence is the margin, the route, and your ability to carry a rising-rate scenario. We cover the full process in our Romanian mortgage guide.
If you have a mortgage offer and want to decode it, book a 30-minute call with me. We will go through it line by line.
Moti Azulay, Compass Group Romania
Sources and data: National Bank of Romania (BNR) (IRCC, ROBOR, policy rate and inflation forecast) · Romanian legislation portal (Government Emergency Ordinance 19/2019) · National Institute of Statistics (INS) (inflation, August 2026). The calculations in this article are illustrations.
This article is general information only and is not legal, tax or financial advice. Data are as of October 2026, and the rate on any loan is set by the bank according to the borrower's profile. Before any transaction, consult local professionals.
Now you know more.
This article is general information, not legal, tax or financial advice. Consult local professionals before any transaction.
