The Romanian government will thus pay 6.6% on two-year bonds, which covers inflation at least over the coming year, Profit.ro reported.
Erste Group recently revised its year-end inflation forecasts to 7.0% for 2026 and 3.8% for 2027, compared with the National Bank of Romania’s inflation target of 2.5%. The monetary policy rate currently stands at 6.5%, with the deposit facility rate at 5.5% and the Lombard rate at 7.5%.
The other leu-denominated bonds on offer under the Tezaur scheme have maturities of four years, with a 7.15% yield, and ten years, with a 7.75% yield. Investors seeking to avoid exchange-rate risk can opt for euro-denominated bonds offering yields of 4.5% for three-year maturities and 6.6% for ten-year maturities.
The October 2026 edition of the Fidelis programme, the tenth of the year, held from October 2-9, attracted the equivalent of RON 1.3 billion from the public, an increase of approximately 52% compared with the September edition, in line with the higher yields.
Nearly RON 1 billion of the total was invested in euro-denominated bonds, reflecting investors’ concerns about the leu’s depreciation.
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