Second semester in numbers

July 1

- The price cap on the electricity market is eliminated.

July 4

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

July 7

- The Bolojan government assumes responsibility in Parliament for the fiscal and 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 the CASS for pensions exceeding 3,000 lei. It also provides for a freeze on 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.

July 10

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

July 14

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

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, the 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 24

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

July 25

- The fiscal measures package 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 involved bribery, for eight years, to an ANAF functionary.

August 1

- The first fiscal measures package established by the Government comes into force.

August 5

- Ion Iliescu, the first elected President of Romania after the 1989 Revolution, passes away.

August 16

- The international financial rating agency Fitch reconfirms Romania's sovereign rating at BBB-/F3 for long-term and short-term foreign currency debt, but maintains a negative outlook.

August 29

- City halls across the country go on strike, in protest of the massive layoffs announced by the Government.

- The Bucharest Stock Exchange (BVB) announces that it will participate in the initial share capital of the new stock exchange in the Republic of Moldova with an amount equivalent to 400,000 euros, out of an initial share capital estimated at 1.27 million euros.

September 1

- Prime Minister Ilie Bolojan presents the second package of fiscal measures for which the Government has assumed responsibility in Parliament.

September 4

- The Government approves a memorandum on the restructuring of the energy market.

September 7

- Parliament rejects the consecutive motions of censure filed by the Opposition against the Bolojan government.

September 8

- A teachers' protest takes place: over 30,000 teachers demand decent salaries and investments in schools.

September 9

- The Alliance for the Unity of Romanians (AUR) files four appeals with the Constitutional Court (CCR) related to the laws in the second package of fiscal measures adopted by the Bolojan Government by assuming responsibility.

September 13

- The financial rating agency Moody's maintains Romania's rating at "Baa3", with a negative outlook.

September 25

- The executive decides to extend the cap on commercial additives to basic foods until March 2026.

September 29

- The Ministry of Finance makes the budget amendment draft for 2025 transparent for decision-making.

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, Romania's international reserves (currency plus gold) 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 National Bank of Romania 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.

December 17

- The Government decides that, by December 31, 2025, local councils must approve decisions regarding 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 expands, 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 CCR do not make a decision on the Law on Magistrates' Pensions, as the four judges proposed by the PSD did not show up for 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 securities on the BVB, rose by 30.4% in the period July-December 2025, marking new historical records, while BET-BK, the benchmark for the return of equity investment funds, appreciated by 36.9%.

- Transgaz shares rose 92.1% in the second half, Electrica shares 79.2%.

- Transelectrica shares increased by 31.6%, those of Nuclearelectrica - by 32.6%.

- Oil and gas producer OMV Petrom shares appreciated by 32.1%, while Romgaz, OMV Petrom's partner in the Neptun Deep project, registered an increase of 42.5%.

- Energy infrastructure company Premier Energy shares appreciated by 45.5%.

- Banca Transilvania shares rose by about 16%, BRD-Groupe Societe Generale shares - by 37.2%.

- Telecom operator Digi Communications shares appreciated by 47.9% in the second half of last year, while real estate developer One United Properties shares - by 36.2%.

- The BET-FI index, made up of former SIFs plus Fondul Proprietatea (FP), rose by almost 49%, to 90,620 points, in the second half of last year, as all of its constituent shares rose.