Romania’s national currency saw an important depreciation on Thursday, October 1, as the euro reached an all-time high of over RON 5.34 on the interbank market.
The leu-euro exchange rate shifted suddenly around 3 PM from nearly RON 5.28, where it had stabilized in recent days, to over RON 5.33, according to Goldring analysts.
The change in the rate took place after Romania’s National Bank made public its reserves, as well as its expenditures in September. Specifically, the National Bank’s reports showed a drop of EUR 4.8 billion in foreign exchange reserves in a single month, from EUR 64.865 billion on August 31 to EUR 60 billion at the end of September.
Outflows of EUR 8.10 billion were recorded in September, of which approximately EUR 2.68 billion represented principal and interest payments on foreign-currency-denominated public debt. These outflows were partially offset by inflows of EUR 3.30 billion, stemming from changes in the minimum reserves of credit institutions and the funding of the Ministry of Finance’s accounts.
Regarding total international reserves, which include foreign currency and gold, the value fell from EUR 77.63 billion at the end of August to EUR 72.34 billion on September 30, 2026.
The gold reserve remained at 103.6 tons, with an estimated value of EUR 12.28 billion, according to international price developments. The National Bank warned that payments due in October 2026 for foreign-currency-denominated public debt will amount to approximately EUR 350 million.
Economists attribute the fluctuation of the exchange rate to international crises and to the political instability Romania is facing following the rejection of the Mureșan Government in Parliament. The S&P rating agency is also expected to deliver a report on Romania on Friday night, October 2.
“The greater volatility of the exchange rate is a reality that we cannot ignore during this period. The National Bank is trying to strike a balance between exchange rate fluctuations and interest rate fluctuations,” said Dan Suciu, spokesperson for Romania’s National Bank, cited by Digi24.
The recent exchange rate developments reflect a trend of pressure on the national currency, with the euro exceeding the RON 5.27 threshold at the BNR exchange rate in the last four consecutive sessions. In September, the European currency reached a previous record of RON 5.2788 on September 23, 2026.
Suciu rejected the idea of an “explosion” in interest rates, but acknowledged that pressures are increasing both on the exchange rate and on interest rates. He stressed that there is no clear trend of leu depreciation, but rather an increase in volatility.
Regarding the S&P report, the BNR spokesperson said there are arguments for a positive assessment, pointing in particular to the decline in inflation and the reduction of the budget deficit.
For Romanians and companies, a depreciation of the leu can mean higher costs for products and services paid in euros, as well as additional pressure on those who have loans or other obligations denominated in the European currency.
Leave a Reply