The Board of the National Bank of Romania (BNR) left the policy rate unchanged at 6.50 % on 7 April 2026, arguing that a still-elevated but gradually declining headline inflation (9.31 % in February after 9.69 % in December) and a weak domestic economy warrant steady policy amid heightened global uncertainty. This extends the unchanged stance at 6.50 % that has been in place since at least April 2025. The overnight lending and deposit facilities were kept at 7.50 % and 5.50 %, respectively, and reserve-requirement ratios were left intact. Core inflation (CORE2 adjusted) edged down to 8.3 % in February from 8.5 % in December, while GDP contracted 1.9 % q/q in 2025 Q4 and slowed to 0.2 % y/y, though high-frequency data point to only a mild rebound in 2026 Q1 amid broad-based softness in retail sales, services, construction and industrial output; unemployment has eased but hiring intentions and wage pressures are moderating. Private-sector credit growth picked up to 6.8 % y/y in February, driven by FX loans, as the share of leu-denominated credit fell to 67.8 %. The trade gap continued to narrow and the current-account deficit declined slightly, while the leu slipped modestly against the euro as regional risk sentiment worsened. The conflict in the Middle East has lifted global energy prices and government bond yields, posing significant upside risks to near-term inflation, which the BNR now expects to rise above prior forecasts through June before falling sharply in Q3 as base
National Bank of Romania 2026-04-07
National Bank of Romania keeps policy rate unchanged at 6.50 %
Romania’s National Bank kept its key rate at 6.50 % (lending 7.50 %, deposit 5.50 %) on 7 April, extending an unchanged stance since April 2025. Citing stubborn but easing inflation and weak growth, it flagged upside risks from higher energy prices that may lift inflation above projections in H1 2026 before a Q3 drop, and affirmed readiness to act to safeguard stability.