Romania’s total external debt increased by EUR 23.84 billion in 2025 (+11.7% y/y), reaching EUR 227.35 billion (61% of GDP) at year-end, according to data published by the National Bank of Romania (BNR). The public external debt was mainly behind this rise, contributing EUR 18. 6 billion to the gross external debt’s advance up to EUR 125.5 billion (roughly one-third of GDP).

Long-term external debt stood at EUR 179.43 billion as of December 31, 2025, accounting for 78.9% of the total and marking a 14.8% increase compared to end-2024. Short-term external debt amounted to EUR 47.92 billion, representing 21.1% of the total, up by 1.6% year-on-year.

Despite the higher debt stock, several sustainability indicators improved.

The long-term external debt service ratio declined to 17.2% in January–December 2025, from 21.5% in 2024, reflecting lower repayment pressures relative to export earnings.

Foreign exchange reserves provided stronger coverage buffers. As of end-2025, reserves covered 6 months of imports of goods and services, up from 5.7 months a year earlier.

The coverage ratio of short-term external debt at residual maturity with BNR foreign exchange reserves rose to 104.8%, compared with 103.6% at end-2024, indicating that reserves fully cover short-term external obligations.

The rise in external debt comes amid elevated fiscal deficits and sustained borrowing needs, although improved reserve adequacy metrics suggest Romania’s external liquidity position remains broadly stable.

iulian@romania-insider.com

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