The stock of loans and deposits in the Romanian banks, at the end of 2025, increased by 6.2% y/y and 6.9% y/y, respectively, according to data published by the National Bank of Romania (BNR). Discounting the consumer price inflation, the stock of loans and deposits contracted by 3.2% y/y and 2.6% y/y respectively – indicating lower financial intermediation. 

Discounted for the GDP deflator, estimated at 7.5% by the state forecasting body CNP, the dynamics of the two metrics of the financial intermediation still posted negative annual dynamics. 

Besides subdued financial intermediation, the euroisation was another pattern seen in 2025, as a result of the higher exchange volatility prompted by political uncertainty. The euro has strengthened versus the local currency by only 2.5% y/y, in end-of-year terms, however. 

Still, the stock of loans and deposits denominated in euros increased by over 12% y/y each when expressed in local currency and by roughly 10% y/y each when expressed in euros. While both companies and households boosted their foreign currency deposits by 12%-13% y/y in local currency terms and roughly 10% y/y in euros, it was only the companies that switched to forex borrowing. 

The stock of corporate loans expressed in foreign currency rose by 16.8% y/y at the end of 2025 (while companies' stock of local currency loans contracted by 6.8% y/y). 

Households kept diminishing their stock of foreign currency loans, by 13.3% y/y at the end of 2025 – versus 10.4% advance in the stock of retail loans denominated in local currency.

iulian@romania-insider.com

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