The National Bank of Romania started the year 2026 with maximum caution, and the NBR's Board of Directors decided to keep the monetary policy rate at 6.5%, in line with analysts' expectations.
The NBR remains in a wait-and-protect zone until inflation is firmly on a downward trajectory. Even though Romania has the highest inflation in the EU, the central bank is keeping the interest rate unchanged because the current price spike is largely administrative and temporary.
According to some economists, the first window for a gradual easing of interest rates could come in May-June, but others expect easing to be likely as early as the fall, writes BankingNews.
Thus, according to a press release, on the basis of the assessments and the data available at this moment, as well as in the conditions of high uncertainties, the Council of Administration of the NBR decided, in its meeting of today, January 19, 2026, to maintain the monetary policy interest rate at the level of 6.50% per annum. At the same time, it was decided to maintain the interest rate on the lending facility (Lombard) at 7.50 percent per annum and the interest rate on the deposit facility at 5.50 percent per annum.
The Council of Administration of the NBR also decided to maintain the current levels of the minimum reserve requirements for credit institutions' liabilities in lei and in foreign currency.
The annual rate of inflation eased slightly in the last three months of 2025 to 9.69 percent in December from 9.88 percent in September, as the significant declines in the fuel and LFO segments during this period were largely offset by the upward movement in the annual core inflation rate.
