The interest rates at which banks lend to each other on themonetary market have seen a steady rise since the beginning ofJune, so it is just a matter of time before clients in turn have topay more for a loan.
Six-month monetary market indicator Robor - used by many banksin the calculation of the interest on RON-denominated loans grantedto companies - has climbed to almost 7.5% a year at present, aroundhalf a percentage point above the June level.
In April Robor had fallen to less than 6% a year amid a positiveperception of foreign investors, as well as of Romanian players, onthe prospects of the Romanian economy. In the meantime, however,markets have become strained again, with the RON under pressure todepreciate, and banks charging increasingly high interests,anticipating that the Finance Ministry will have to borrow againmassive amounts from the market to cover its expenses because itsrevenues will be affected by the constantly worsening economicsituation.
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