Romania's debt rises above 60% of GDP as BCR launches 1 bn‑lei bond

Banca Comercială Română (BCR) listed a new corporate bond, BCR33, worth over 1 billion lei with a 7.77% annual coupon and a seven‑year maturity on the Bucharest Stock Exchange. The issue was oversubscribed in less than 24 hours, marking the largest corporate bond listing in Romania for 2026.

President of the Fiscal Council, Daniel Dăianu, said the high budget deficit makes a tax increase unavoidable, but he expects no new taxes in 2027 and forecasts economic growth above 2%. He also noted that the ongoing political deadlock limits the government’s ability to enact rapid fiscal changes.

The National Bank of Romania reported that total external debt rose to €230.9 billion by May 2026, with long‑term debt at €183 billion. Public debt reached 61.6% of GDP in 2026 and is projected to climb to 63.4% in 2027, up from 35.2% before the pandemic.

The Ministry of Finance listed seven Fidelis state‑bond series issued in July, attracting 659 million lei from investors, with annual yields ranging from 3.9% to 7.55% depending on currency and maturity.

The Bucharest Stock Exchange expects to close the year with about 2.5 million transactions, a 20‑30% increase over the previous record. An analysis of telecom bills showed that 55% of a 100‑lei invoice goes to suppliers and subcontractors, while 15.5% covers taxes and contributions.

A simple calculation shows that covering the public debt would require each of Romania’s roughly 19 million residents to contribute more than a year’s average net salary (5,684 lei).