Third quarter 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 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 and budgetary measures undertaken by the Romanian Government.

• 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 7

- National day of mourning in memory of former president Ion Iliescu, buried with military honors.

• August 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 annum and the interest rate for the deposit facility at 5.50% per annum; maintaining the levels of the minimum reserve requirements for the liabilities in lei and in foreign currency of credit institutions.

• August 14

- The Bucharest Stock Exchange announces that the Ministry of Finance has attracted 552.3 million lei and 195 million euros (the equivalent of 1.53 billion lei) through the seventh public offering of Fidelis government bonds due 2025, the securities being listed on the BVB.

• August 16

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

• August 19

- The Government approves the draft emergency ordinance on the limitation of projects financed by the PNRR and government programs such as Anghel Saligny.

• August 20

- UniCredit Bank, which took over Alpha Bank Romania, became a participant in the BVB trading system.

• August 29

- City halls across the country go on strike, in protest against 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 committed its responsibility in Parliament.

- The National Bank of Romania announces that, as of • August 31, 2025, Romania's international reserves (currency plus gold) were 74,915 million euros, compared to 72,864 million euros on July 31, 2025.

• September 4

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

• September 7

- Parliament rejects consecutive censure motions filed by the Opposition against the Bologna 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 Bologna Government by assuming responsibility.

• September 12

- The National Bank of Romania announces that, in the period January-July 2025, the current account of the balance of payments recorded a deficit of 17,226 million euros, compared to 14,691 million euros in the period January-July 2024.

• September 13

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

• September 25

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

• September 29

- The Ministry of Finance announces that the budget deficit reached 86.36 billion lei, or 4.54% of GDP in the first eight months of 2025, compared to 80.87 billion lei, or 4.59% of GDP in the same period in 2024.

- The Ministry of Finance makes the budget rectification project for 2025 transparent for decision-making.

• September 30

- The BET index, of the 20 most liquid securities of the Bucharest Stock Exchange, registered an advance of 13.89% in the third quarter, to 21,337 points, while the BET-BK index, the benchmark for the return of equity investment funds, rose by 16.7%, to 4,118 points.

- Transgaz shares rose by 63.27% in the third quarter, continuing a strong upward trend developed in 2025.

- Shares of energy supplier and distributor Electrica appreciated by 32.38%, those of real estate developer One United Properties - by 26.54%.

- OMV Petrom shares increased by 15.67%, those of Romgaz, by 21.4%.

- The BET-FI index, made up of former SIFs plus Fondul Proprietatea (FP), rose by 24.1%, to 75,491 points.