The National Bank of Romania (NBR) kept its monetary policy rate at 6.50%, citing very high uncertainty and an expected rise in inflation through end-2026 despite substantial recent disinflation and weak economic activity. The policy rate has remained at 6.50% throughout the past year. The NBR also maintained the 7.50% Lombard facility rate, the 5.50% deposit facility rate and existing minimum reserve requirement ratios for leu- and foreign currency liabilities. Annual inflation fell to 6.17% in August from 10.42% in June as earlier energy-price and indirect-tax effects faded, while economic activity stalled quarter-on-quarter and contracted 0.4% year-on-year in Q2; private-sector credit growth also eased in August. The current account deficit widened mildly in the first seven months of 2026, while the EUR/RON exchange rate rose sharply around end-September and early October. The protracted Middle East conflict, higher oil and other commodity prices, the energy crisis and severe drought pose risks to inflation and growth. The NBR expects stronger underlying disinflationary pressure over the longer term from weaker aggregate demand and budget correction, and stands ready to use its tools to maintain medium-term price and financial stability.
National Bank of Romania Holds Policy Rate at 6.50%
The National Bank of Romania (NBR) kept its monetary policy rate at 6.50%, citing very high uncertainty and an expected rise in inflation through end-2026 despite recent disinflation and weak economic activity. It also maintained the Lombard and deposit facility rates at 7.50% and 5.50%, respectively, and existing minimum reserve requirement ratios.