The stock of loans and deposits in the Romanian banks, at the end of 2025, increased by 6.2% y\/y and 6.9% y\/y, respectively, according to data published by the National Bank of Romania (BNR). Discounting the consumer price inflation, the stock of loans and deposits contracted by 3.2% y\/y and 2.6% y\/y respectively \u2013 indicating lower financial intermediation.\u00a0<\/p>\n
Discounted for the GDP deflator, estimated at 7.5% by the state forecasting body CNP, the dynamics of the two metrics of the financial intermediation still posted negative annual dynamics.\u00a0<\/p>\n
Besides subdued financial intermediation, the euroisation was another pattern seen in 2025, as a result of the higher exchange volatility prompted by political uncertainty. The euro has strengthened versus the local currency by only 2.5% y\/y, in end-of-year terms, however.\u00a0<\/p>\n
Still, the stock of loans and deposits denominated in euros increased by over 12% y\/y each when expressed in local currency and by roughly 10% y\/y each when expressed in euros. While both companies and households boosted their foreign currency deposits by 12%-13% y\/y in local currency terms and roughly 10% y\/y in euros, it was only the companies that switched to forex borrowing.\u00a0<\/p>\n
The stock of corporate loans expressed in foreign currency rose by 16.8% y\/y at the end of 2025 (while companies’ stock of local currency loans contracted by 6.8% y\/y).\u00a0<\/p>\n
Households kept diminishing their stock of foreign currency loans, by 13.3% y\/y at the end of 2025 \u2013 versus 10.4% advance in the stock of retail loans denominated in local currency.<\/p>\n