The public debt-to-GDP ratio increased to 61.1%, from 59.8% a month earlier. Both are preliminary figures that may be revised downwards following the release of Q3 GDP data.
The debt ratio thus exceeded 60% for the first time in August, although it may subsequently be revised downwards to below this threshold. However, the foreign-currency bonds issued in October will certainly push the ratio significantly above 60% by the end of the year.
The country’s public debt increased faster this year only in March, when the Treasury raised the equivalent of EUR 5 billion through foreign-currency bonds placed on international markets.
In August, however, the Treasury had to secure funding without issuing bonds on foreign markets, amid the still-unresolved political crisis. The largest share of the funding, RON 17.9 billion, came from loans contracted under bilateral agreements with banks, while the stock of bonds placed on the domestic market increased by a further RON 5.0 billion.
The RON 92.7 billion increase, equivalent to EUR 17.7 billion at the exchange rate prevailing at the end of August, was largely driven by the weakening of the local currency, an effect that will continue in the following months. More precisely, the euro appreciated by 3.3% in nominal terms over the first eight months of the year, while foreign-currency-denominated public debt – which accounted for 53% of the total at the end of 2025 – increased by RON 20 billion purely as a result of exchange-rate movements. The share of foreign-currency-denominated debt consequently rose to 55%.
The euro appreciated by a further 1.5% in nominal terms between the end of August and the latest reporting date, adding another RON 10 billion to the country’s public debt solely through exchange-rate effects.
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