Moldova and Romania face higher borrowing costs amid policy shifts

The National Bank of Moldova will raise its reference index for mortgage loans from 5.57% to 5.66% on 1 July 2026. The increase, though modest at 0.09 percentage points, will lift interest rates on the state‑run “Prima Casă” home‑loan programme and other variable‑rate credits, as banks add their fixed margins to the new index.

In Romania, parliament rejected Adrian Veștea’s proposed cabinet, but market reactions were limited. The Bucharest Stock Exchange stayed near record levels, the euro edged up to about 5.247 lei, and the 10‑year government bond yield rose to 6.95%. Analysts warn that a prolonged political deadlock could push financing costs for companies and the state higher.