The Board of the National Bank of Romania (NBR) on 15 May 2026 kept the policy rate at 6.50%—with the deposit and Lombard facility rates maintained at 5.50% and 7.50%, respectively—and left minimum-reserve ratios unchanged, judging that surging energy- and war-related price pressures are keeping inflation in double digits even as economic activity contracts. The key rate has been steady at 6.50% since at least May 2025. Operating conditions remain tight but stable: interbank rates have plateaued since early March, while government-bond yields spiked in late April amid Middle East tensions and domestic politics before retracing, and the leu briefly depreciated against the euro before partially recovering. Headline CPI accelerated to 10.71% y/y in April from 9.87% in March—well above the 1.5-3.5% target band—driven by jumps in natural-gas, fuel and administered prices; adjusted CORE2 inflation eased to 8.2% in March. GDP fell 0.2% q/q (-1.7% y/y) in Q1 2026 after a 2.0% contraction in Q4 2025, though retail sales and industrial output remained weak and labour-market indicators softened. Private-sector credit growth inched up to 7.1% y/y in March, with the leu share stable at 67.8%. The current-account gap narrowed further early in 2026, even as trade-balance improvement slowed. The NBR highlighted elevated global uncertainties from the Middle East war and the energy crisis, alongside external monetary-policy moves, and projects inflation to peak in Q2 before a sharp correction
National Bank of Romania2026-05-15
National Bank of Romania keeps policy rate at 6.50% on 15 May 2026
National Bank of Romania kept the policy rate at 6.50 % (deposit 5.50 %, Lombard 7.50 %) and reserve ratios unchanged, citing April headline CPI of 10.71 %—well above the 1.5–3.5 % target—despite a 0.2 % q/q GDP contraction in Q1. The central bank expects inflation to peak in Q2 2026 and return to target by Q3 2027, pledging vigilance amid energy-price shocks, Middle East tensions and external policy shifts.