The National Bank of Romania’s Board decided to leave the monetary policy rate unchanged at 6.50% per annum, while keeping the lending facility (Lombard) rate at 7.50% and the deposit facility rate at 5.50%. The Board also maintained the current minimum reserve requirement ratios for credit institutions’ leu and foreign-currency liabilities. The decision follows a slight easing in headline inflation to 9.69% in December 2025 from 9.88% in September, alongside a continued rise in CORE2 adjusted inflation to 8.5% from 8.1%. The Bank reported a quarterly GDP contraction of 0.2% in Q3 2025 after 1.1% growth in Q2, with indications of stagnation in Q4; it also noted easing money-market and government bond yields late in 2025, a firmer leu versus the US dollar in December, and a slowing annual growth rate of private-sector credit to 6.8% in November. Its baseline assessment points to a slow decline in inflation over the first three months of 2026, with fiscal consolidation expected to add disinflationary pressure over time, while highlighting uncertainties around future budget measures and external geopolitical and trade risks. Minutes of the monetary policy deliberations are scheduled for publication on 29 January 2026 at 15:00, and the next monetary policy meeting is set for 17 February 2026.
National Bank of Romania 2026-01-19
National Bank of Romania keeps policy rate at 6.50% and maintains reserve requirements and rate corridor
The National Bank of Romania maintained its monetary policy rate at 6.50%, with the lending facility rate at 7.50% and the deposit facility rate at 5.50%, amid a slight easing in headline inflation and a GDP contraction in Q3 2025. The Bank anticipates a gradual decline in inflation in early 2026, with fiscal consolidation expected to exert disinflationary pressure, while noting uncertainties related to budget measures and geopolitical risks.