July in numbers

• July 1

- The price cap on the electricity market is eliminated.

- The National Bank of Romania announces that, as of June 30, 2025, the foreign exchange reserves at the National Bank of Romania stood at 58,281 million euros, compared to 55,661 million euros on May 31, 2025. The level of the gold reserve remained at 103.6 tons. Given the evolution of international prices, its value stood at 9,346 million euros. Romania's international reserves (currency plus gold) as of June 30, 2025 were 67,627 million euros, compared to 65,359 million euros on May 31, 2025.

• July 3

- The franc reaches the minimum exchange rate of the month against our currency: 5.4141 lei, according to the National Bank of Romania.

- The dollar - at the lowest rate of the month against our currency: 4.2917 lei, according to the National Bank of Romania.

• July 4

- The government presents the first package of fiscal-budgetary measures.

• July 7

- The Bolojan government assumes responsibility in Parliament for the tough fiscal-budgetary package, the measures including increasing the standard VAT rate to 21%, introducing a single reduced rate of 11% for basic food and other essential products, increasing excise duties on alcohol, tobacco and fuels, additional taxation of dividends and large profits, as well as introducing CASS for pensions exceeding 3,000 lei. It also provides for the freezing of salaries and pensions in 2026, limiting hiring and reducing unjustified expenses, as well as a reorganization of the school scholarship system to become meritocratic and sustainable.

- The European Commission appreciates the fiscal-budgetary measures undertaken by the Romanian Government, characterizing them as "an important and positive step" for achieving the objectives of the excessive deficit procedure.

• July 8

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

• July 9

- The gram of gold, quoted at the minimum level of the month: 458.4241 lei, according to the National Bank of Romania.

• July 10

- Moody's agency considers the fiscal-budgetary measures undertaken by the Government to be "an important step" towards balancing the budget.

• July 11

- The euro rises to the highest rate of the month against the leu: 5.0810 lei, according to NBR figures.

• July 14

- The opposition files a motion of censure against the Government, which did not meet the number of votes required for adoption.

- The NBR announces that, in the period January-May 2025, the current account of the balance of payments recorded a deficit of 12,632 million euros, compared to 8,610 million euros in the period January-May 2024. In its structure, the balance of goods recorded a deficit higher by 2,155 million euros, the balance of services - a surplus higher by 461 million euros, the balance of primary income - a deficit higher by 966 million euros, and the balance of secondary income made a negative contribution of 1,362 million euros.

• July 15

- The franc reaches its highest exchange rate of the month against our currency: 5.4619 lei, according to NBR data.

• July 22

- The National Anticorruption Directorate announces the initiation of criminal proceedings and the establishment of a judicial control measure, for a period of 60 days, against Cristian Victor Popescu Piedone, president of the National Authority for Consumer Protection, accused of using confidential information in the interest of an economic operator.

- The Constitutional Court rejects the opposition's appeal against the first package of fiscal measures adopted by the Executive.

• July 23

- The NBR announces that the broad money supply (M3) recorded, at the end of June 2025, a balance of 745,690.3 million lei. It decreased by 0.6% (-1% in real terms) compared to May 2025, and compared to June 2024 it increased by 8.9% (3.1% in real terms).

- The gram of gold reaches the maximum price of the month: 476.3851 lei, according to the NBR.

• July 24

- S&P Global Ratings confirms Romania's ratings for long-term and short-term debt, and maintains a negative outlook.

- Euro - at the lowest rate of the month against the leu: 5.0692 lei, according to NBR data.

• July 25

- The package of fiscal measures is promulgated by President Nicuşor Dan.

• July 27

- Deputy Prime Minister Dragoş Anastasiu resigns, following press revelations regarding his involvement in a case that allegedly targeted bribery, for eight years, to an ANAF functionary.

• July 28

- The Ministry of Finance announces that the budget deficit reached 69.8 billion lei, or 3.68% of GDP in the first six months of 2025, compared to 63.66 billion lei, or 3.62% of GDP in the same period in 2024.

• July 31

- The dollar - at the highest rate of the month against our currency: 4.4386 lei, according to the National Bank of Romania.

- The BET index, of the 20 most liquid stocks on the Bucharest Stock Exchange (BVB), rose by 7.8% in July, exceeding the 20,000-point threshold for the first time in history, while the BET-BK index, the benchmark for the performance of equity investment funds, advanced by 9%, to 3,847 points.

- Shares of the construction materials producer TeraPlast Bistriţa appreciated by 23.1% in July, this being the largest increase in the BET index.

- Shares of the energy supplier and distributor Electrica appreciated by 22%, those of Transgaz - by 21.9%.

- OMV Petrom shares rose by 3.7%, Romgaz shares by 13.4%.

- The BET-FI index, made up of former SIFs plus Fondul Proprietatea (FP), rose by 4.9%, to 63,794 points, recording the lowest appreciation among the BVB stock baskets.

- FP shares rose by 14.9% in July, as the fund is running a buyback program.

- The total value of transactions with securities listed on the BVB Main Segment was about 3.2 billion lei in July, 9.2% below that in June. The average daily value of transfers fell by 21%, to 138.6 million lei.