FX.co ★ Romania Holds Interest Rate in October

At its October 2026 meeting, the National Bank of Romania left its key policy rate unchanged at 6.5%, where it has remained since August 2024, while signaling that uncertainty over the global economic outlook could still generate inflationary pressures. The central bank highlighted that the recent disinflationary trend in the Romanian economy has continued, even as the expiry of electricity price caps and changes in VAT on selected goods have produced adverse base effects. At the same time, the sharp rise in oil and gas prices linked to the war in the Middle East remains a major source of upside risk to inflation. However, signs of weaker economic activity—especially in household consumption and exports from key industrial sectors—tempered the policy stance and limited any explicit hawkish shift in communication. In addition, the latest figures pointed to a modest decline in employment levels.