For
\nthe first time in the past nine years the three-month ROBOR index, on
\nwhich the cost of consumer loans in RON with variable interest rate is being calculated,
\nhas exceeded the 5% threshold sending chills down the spine of the Romanians
\nwho have mortgage rates to pay. <\/p>\n
\n
\n
\n
<\/p>\n
The
\nincrease is significant as a year ago the aforementioned index stood at 1.59% and
\nshot up to 3.01% in January. The six-month ROBOR index, on which mortgage installments
\nare calculated, is now exceeding 5%. On an upward trend in the past year, the
\nindex is three times higher than a year ago, when its value stood at 1.68%. In
\nJanuary ROBOR stood at 3.14% and the evolution of the two indexes, which
\nreflects the way commercial banks are borrowing money from each other, has been
\ninfluenced by several factors such as the Central Bank monetary policy,
\ninflation and fiscal policy. <\/p>\n
\n
\n
\n
\n
\n
<\/p>\n
Pundits
\nbelieve the ROBOR index will continue to grow with the inflation rate. In an attempt to curb inflation, since the
\nbeginning of the year, Romania’s Central Bank has repeatedly increased the monetary
\npolicy interest rates on which interest rates of the loans given by the
\ncommercial banks are based. The situation has become difficult for people who
\nhave to pay mortgage rates and experts believe that refinancing could be a
\nsolution for those with ROBOR-depending loans, as there are banks, which offer loans
\nwith a fixed interest rate under 5%. <\/p>\n
\n
\n
\n
\n
\n
<\/p>\n
Fuel prices
\nhave been swollen by the war in neighboring Ukraine but the Competition Council
\nin Romania is carrying out an investigation on the sharp increase in these
\nprices on March 9th, and the panic caused among people after a gas
\nstation in the country’s northwest had started selling petrol at the staggering
\nprice of 2 euros per liter. <\/p>\n
\n
<\/p>\n
Huge
\ncues could be seen at petrol stations all over Romania where people panicked amid
\nfears that prices could increase and fuel reserves exhausted. <\/p>\n
\n
<\/p>\n
In a Parliament
\naddress, the head of the Competition Council, Bogdan Chiritoiu, said the fuel
\nmarket is being monitored by the council, which is gleaning data from petrol
\nstations all over the country. <\/p>\n
\n
\n
\n
<\/p>\n
Bogdan Chiritoiu: There is instability in the region of course,
\nbut besides this instability, which we must accept as a natural thing, there is
\nalso the unfair behaviour of some companies, which we are investigating and
\neventually sanctioning. Our investigations last for two years on an average and
\nthe fines and sanctions that we apply are of tens and hundreds of millions.
\nSuch fines cannot be given based on a mere report. <\/p>\n
\n
\n
\n
<\/p>\n
On
\nMarch 9th, the government ordered ample checking at all petrol
\nstations and gave assurances that no speculation with fuel prices would be
\nadmitted. Now the government is working on legislation amendments aimed at combating
\nspeculation and unfair competition, drawing up a mechanism meant to prevent
\nunjustified price increases. <\/p>\n
\n
\n
\n
<\/p>\n
(bill)<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Authorities in Romania are dealing with rising mortgage installments and fuel prices hikes<\/p>\n","protected":false},"author":108,"featured_media":91182,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[37738],"tags":[36650,40533,31777,32613,28905],"coauthors":[],"class_list":["post-92106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-today-in-the-news","tag-index","tag-installments","tag-loans","tag-robor","tag-ukraine"],"acf":[],"yoast_head":"\n