Additionally, the lending (Lombard) facility rate remains at 7.50% per annum, while the deposit facility rate is maintained at 5.50% per annum.

The decision comes amid mixed economic dynamics. The annual inflation rate fell marginally to 9.62% in January 2026, after reaching 9.69% in December 2025. However, the adjusted CORE2 inflation rate remained unchanged at 8.5%, reflecting persistent pressures from wage costs and food prices.

Economic activity contracted by 1.9% in Q4 2025, with overall economic growth for the year slowing to 0.6%. In the construction sector, the volume of works remained in positive territory, although it declined markedly compared to Q3. The trade deficit saw a stronger contraction in annual terms in 2025 Q4, offering a signal of partial rebalancing.

The updated forecast indicates that inflation will extend its slow downward course in Q1 2026, followed by a sharp downward correction in Q3 as the effects of supply-side shocks fade. The NBR expects inflation to return inside the target band starting H1 2027.

The institution emphasised that the absorption of EU funds, particularly through the NRRP, is essential to counterbalance the contractionary effects of budget consolidation and external geopolitical conflicts.