Fourth quarter in numbers

• October 1

- The Government approves the budget rectification.

• October 20

- The Constitutional Court decides that the law through which the Government sought to reform the special pensions of magistrates by assuming parliamentary responsibility is unconstitutional.

- Oana Gheorghiu is appointed by presidential decree as Deputy Prime Minister for Reform.

• October 23

- Our country obtains, within the framework of negotiations with the European Commission, the replacement of the milestone regarding the reduction of the VAT gap with one oriented towards structural reforms and the complete digitalization of ANAF by 2027.

• October 31

- President Nicuşor Dan sends to the CCR a notification of unconstitutionality regarding the initiative to amend the Electricity and Natural Gas Law no. 123/2012, resubmitted for promulgation after a new legislative cycle.

• November 12

- The Board of Directors of the National Bank of Romania decides: to maintain the monetary policy interest rate at 6.50% per annum; to maintain the interest rate for the lending facility (Lombard) at 7.50% per annum and the interest rate for the deposit facility at 5.50%; to maintain the current levels of the minimum reserve requirements for lei and foreign currency liabilities of credit institutions.

• November 24

- The Supreme Council of National Defense approves the new national security strategy and the projects that will be financed with 16.68 billion euros from the SAFE program.

• November 26

- Prosecutors begin searches in the Euroins file, two years after the insurance company's bankruptcy.

- Shares of the sausage and ready-meals producer Cris-Tim Family Holding debut on the BVB, after an initial public offering worth 454.35 million lei.

• November 28

- Ionuţ Moşteanu (USR) resigns as Minister of Defense, amid controversies related to his studies.

- The Government adopts the second budget amendment of 2025, ordering the rearrangement of state priorities in order to maintain the budget deficit target negotiated with Brussels.

- Banca Comercială Română lists a new bond issue on the BVB regulated market, worth 1.12 billion lei.

• December 2

- The Government analyzes the amendments submitted to the draft law for the modification and completion of some normative acts in the field of service pensions and assumes the project in Parliament.

- The National Bank of Romania announces that, as of November 30, 2025, foreign exchange reserves at the National Bank of Romania stood at 65,408 million euros, compared to 65,347 million euros on October 31, 2025. The level of the gold reserve remained at 103.6 tons. Given the evolution of international prices, its value stood at 12,011 million euros. Romania's international reserves (currency plus gold) as of November 30, 2025 were 77,419 million euros, compared to 76,885 million euros on October 31, 2025.

• December 5

- The Government approves a memorandum that redefines the role of the Interministerial Committee for Supporting the Implementation of Corporate Governance in State-Owned Companies and validates the list of the first 17 enterprises subject to analysis for restructuring. Several energy and transport companies are targeted, including Electrocentrale Bucureşti, Oil Terminal, CFR SA, CFR Călători, Metrorex and Tarom.

• December 7

- Liberal Ciprian Ciucu is elected general mayor of the capital.

• December 15

- A motion of censure filed against the Government is rejected.

- The BNR announces that, in the period January-October 2025, the current account of the balance of payments recorded a deficit of 24,636 million euros, compared to 23,644 million euros in the period January-October 2024. In its structure, the balance of goods recorded a deficit higher by 51 million euros, the balance of services - a surplus higher by 560 million euros, the balance of primary income - a deficit higher by 807 million euros, and the balance of secondary income made a negative contribution of 694 million euros.

• December 17

- The Government decides that, by December 31, 2025, local councils must approve decisions on tax rates and fees for 2026.

• December 23

- The Government adopts the "Little Train Ordinance”, ordering the reduction of some expenses, recovery measures, support for vulnerable people and local authorities, plus strengthening the fight against evasion and control in the area of excise products.

• December 24

- The Government extends, through a memorandum, the list regarding the restructuring of state-owned companies, adding Minvest, Romaero, Remin and Avioane Craiova.

• December 29

- The judges of the Constitutional Court do not make a decision on the Law on Magistrates' Pensions, as the four judges proposed by the PSD did not appear at the hearing. A day earlier, they had left the courtroom.

- The Ministry of Finance announces that the budget deficit reached 121.77 billion lei, or 6.40% of GDP in the first 11 months of 2025, compared to 125.72 billion lei, or 7.15% of GDP in the same period in 2024.

• December 31

- The BET index, of the 20 most liquid stocks on the Bucharest Stock Exchange (BVB), rose by 14.5% in the fourth quarter of 2025, to 24,439 points, while the BET-BK index, the benchmark for the performance of equity investment funds, appreciated by 17.3%, to 4,832 points, during a period in which BVB companies presented their results obtained in the third quarter.

- Shares of energy infrastructure company Premier Energy (PE) appreciated by 42.7% in the last quarter of last year, those of Electrica - by 35.4%.

- Shares of private healthcare provider MedLife gained 31.3%, with the company exceeding the threshold of a stock market capitalization of one billion euros in December.

- Shares of oil and gas producer OMV Petrom appreciated by 14.2%, those of Romgaz, OMV Petrom's partner in the Neptun Deep project, by 17.4%.

- Shares of Banca Transilvania appreciated by about 7.5%, those of BRD-Groupe Societe Generale - by 29.9%.

- The BET-FI index, which includes the five former SIFs and Fondul Proprietatea, registered a 20% advance in the last quarter of last year, up to 90,620 points, with all the component stocks of the stock basket recording increases.