Second semester in numbers

• July 25

- The Government approves and submits to Parliament a draft law aimed at modernizing the district heating system.

• August 8

- The European Central Bank (ECB) and the National Bank of Romania (BNR) decide to renew a framework agreement to provide liquidity in euros to the BNR, through a repo line.

• August 14

- The Government approves the Government Public Debt Management Strategy for the period 2024-2026.

• August 22

- Prime Minister Marcel Ciolacu, Minister of Finance Marcel Boloş, and other members of the Cabinet travel to Brussels for discussions with Ursula von der Leyen, President of the European Commission, on the need to revise the budget deficit target assumed for the current year and establish a seven-year plan in which Romania's finances will return to the deficit level of a maximum of 3% of GDP, as stipulated in the EU treaties.

• August 24

- The PSD Congress takes place, an event in which Marcel Ciolacu was re-elected leader of the Social Democrats (the only candidate for this position), and was also designated the party's candidate in the presidential elections.

• September 2

- Ursula von der Leyen, President of the European Commission, nominates Roxana Mînzatu for the position of Executive Vice-President of the European Commission, with the portfolio for employment, social rights and education.

• September 4

- CCP.RO Bucharest shareholders approve the updated Business Plan of the Central Counterparty, the company's capital increase by five million euros, the license agreement with Euronext Clearing and the contract with the new technology service provider. Of the five million, three million euros represent the contribution of BVB.

- The Government approves a partial tax amnesty benefiting 330,000 companies and 848,000 individuals.

• September 23

- The Government adopts the first budget amendment of the year.

• October 4

- The Ministry of Finance launches the first issue of Samurai bonds for a total amount of 33 billion yen, with firm purchase orders from investors amounting to 34.1 billion yen.

• October 7

- The financial rating agency Standard&Poor's (S&P) decides to maintain the rating of Romania's government debt at BBB-/A3, with a stable outlook, for long-term and short-term foreign currency debt.

- The Government approves measures regarding the level of safety in the functioning of the national energy system.

• October 11

- The mandate of the new Board of Directors of the National Bank of Romania enters into force, for a period of five years.

• October 16

- The Government approves the establishment of Carpatica Feroviar SA, a strategic company dedicated to rail transport.

- The government approves the financing of the training of Ukrainian pilots who will operate F-16 fighter jets.

• October 24

- The Fiscal Adjustment Plan is published so that the budget deficit returns to the maximum target of 3% of GDP.

• November 8

- The Board of Directors of the National Bank of Romania decides to maintain the monetary policy interest rate at 6.50%.

• November 21

- The government approves the Industrial Strategy for the period 2024-2030 and the Energy Strategy for the period 2025-2035.

• November 24

- The first round of the presidential elections takes place, placing the independent Călin Georgescu and the USR president, Elena Lasconi, in the first two places.

- Voters in Bucharest approve with over 66% of the votes the three administrative aspects proposed by referendum by Mayor General Nicuşor Dan: the distribution of financial resources between the City Hall and the Government, the granting of construction permits and the prevention of drug use in schools.

• November 27

- The Government approves the increase in the gross minimum wage in the country, which increases from January 1, 2025 from 3,700 lei to 4,050 lei.

- The Executive adopts a government decision on the approval of the National Strategy for the Defense Industry 2024-2030.

- The Government approves the National Market Surveillance Strategy 2024-2027.

• November 28

- The Supreme Council for National Defense (CSAT) meets and finds that there were cyber attacks aimed at influencing the fairness of the November 24 electoral process.

December 1

- Parliamentary elections are held, and following the vote cast by over 9.4 million citizens, the following structure of the Legislature results: PSD - 122 mandates, AUR - 91, PNL - 71, USR - 59, SOS Romania - 40, UDMR - 32, POT - 31, National Minorities Group - 19.

- The NBR announces that, on November 30, 2024, the foreign exchange reserves at the National Bank of Romania stood at 61,174 million euros, compared to 62,841 million euros on October 31, 2024. The level of the gold reserve remained at 103.6 tons. Given the evolution of international prices, its value stood at 8,399 million euros. Romania's international reserves (currency plus gold) as of November 30, 2024 were 69,573 million euros, compared to 71,361 million euros as of October 31, 2024.

• December 2

- The Constitutional Court of Romania (CCR) validates the first round of the presidential elections, held on November 24, which placed Elena Lasconi (USR) and Călin Georgescu (independent) in the top two places.

• December 6

- The Constitutional Court decides to annul the first round of the presidential elections. President Klaus Iohannis announces that he will remain in office until a new president of the country is elected.

• December 13

- The National Bank of Romania announces that, in the period January-October 2024, the current account of the balance of payments recorded a deficit of 24,210 million euros, compared to 18,453 million euros in the period January-October 2023. In its structure, the balance of goods recorded a deficit higher by 3,706 million euros, the balance of services - a surplus lower by 1,690 million euros, the balance of primary income - a deficit higher by 793 million euros, and the balance of secondary income - a surplus higher by 432 million euros.

• December 17

- The financial rating agency Fitch Ratings revises the outlook for Romania's rating from "stable" to "negative", but confirmed our country's long-term foreign currency rating at "BBB-".

• December 20

- The new Parliament is formed, and Klaus Iohannis appoints Marcel Ciolacu as Prime Minister, in charge of forming the new government.

• December 23

- The Ciolacu 2nd Government passes the Parliament's vote and takes the oath of office.

• December 30

- The Government adopts the "Trenuleţ" ordinance, which introduces a set of measures aimed at reducing the budget deficit, supporting public investment and optimizing the functioning of the state by reducing excessive spending.

• December 31

- The Ministry of Finance announces that, in the first 11 months of 2024, the budget deficit was 125.72 billion lei (7.12% of GDP), compared to 73.55 billion lei (4.58% of GDP) in the period January - November 2023.

- The BET index, of the 20 most liquid securities on the Bucharest Stock Exchange (BVB), decreased by 8.3% in the second half of 2024, and the BET-BK, the benchmark for the return of equity investment funds, by 7.4%.

- The BET-XT index, of the 30 most liquid securities on our market, depreciated by 7.1%.

- 19 of the 20 companies in BET had declines in the second half of last year, among the largest being recorded by Transport Trade Services (-43.5%), One United Properties (-35.4%) and Fondul Proprietatea (-20.2%).

- Electrica shares fell by 15.2%, those of Transelectrica - by 10%.

- The BET-FI index, of former SIFs plus Fondul Proprietatea, had an advance of 5.4%, being the only basket of shares on the BVB that appreciated in the second half of 2024.