Pursuant to the National Bank of Romania Circular on the interest rate paid on minimum required reserves held in RON starting with the 24 February–23 March 2026 application period, published in the Official Gazette No. 218 of 20 March 2026, a new interest rate has been established for the remuneration provided by the National Bank of Romania to credit institutions for minimum required reserves held in RON.
Key Provisions
Minimum required reserves (MRR) represent a percentage of the deposits attracted by banks which they are mandatory required to maintain with the National Bank of Romania. Under this Circular, the NBR has determined that, effective from the 24 February–23 March 2026 application period, the interest rate paid on these reserves held in RON is set at 0.87% per annum.
This interest rate is a significant factor in calculating the costs and revenues of banking institutions. The remuneration of MRR influences bank liquidity and, consequently, their capacity to extend credit or manage deposits. Any adjustment to this rate may impact the profitability margins of credit institutions.
While it may appear to be a technical adjustment, the interest rate on MRR is a fundamental instrument of monetary policy. By adjusting this rate, the National Bank of Romania can indirectly influence financing costs within the interbank market and, over the medium term, the interest rates applied by commercial banks to loans and deposits, thereby affecting the cost of capital for companies.
Scope and Impact
The provisions of this Circular apply directly to all credit institutions (banks) operating in Romania that are legally required to maintain minimum reserves in RON with the National Bank of Romania. Indirectly, the impact is felt across the entire financial and economic system, influencing financing costs for both companies and individuals.
Published in the Official Gazette, Part I, No. 218 of 20 March 2026.
Note: This material is for general information purposes only and does not constitute legal, tax, or business advice. The application of legal provisions may vary significantly depending on the specific circumstances of each company. We recommend seeking a dedicated legal opinion before implementing any operational decisions based on these changes.