Long-term external debt amounted to EUR 182.2 billion at July 31, accounting for 77.6% of total external debt and increasing by 1.1% compared with the end of 2025. Short-term external debt rose by a much faster 9.4%, to EUR 52.7 billion, or 22.4% of the total.
The increase in short-term debt was accompanied by a deterioration in its coverage by the central bank’s foreign exchange reserves. The coverage ratio, calculated at residual maturity, fell to 91.4% at the end of July from 104.4% at the end of 2025.
The long-term external debt service ratio stood at 15.7% in January-July 2026, down from 18.4% for full-year 2025. Meanwhile, the foreign exchange reserves covered 5.7 months of imports of goods and services at the end of July, compared with 6.0 months at the end of 2025.
Romania’s balance-of-payments current account deficit reached EUR 16.3 billion in January-July 2026, up from EUR 15.70 billion in the same period of 2025.
Overall, the external position has deteriorated moderately so far in 2026, with the increase in gross external debt concentrated to a significant extent in short-term liabilities. The decline in short-term debt coverage below 100% is worth monitoring, although Romania still retains a substantial level of foreign exchange reserves and a relatively high import-cover ratio.
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