Monthly report

1. General Information
Macroeconomic Indicators and Projections*
2009

2010

2011

Real GDP (% y-o-y)

-6.6

-1.1

2.3

0.6

3.5 (1)

2.3

Budget balance (% GDP, cash)

-7.3

-6.4

-4.3

-2,5

-1.56 (2)

2.2

Budget balance (% GDP, ESA95)

-9.0

-6.8

-5.6

-3.0

-0.9

(F)

2.2

(3)

(10)

Current account deficit (% GDP)

-4.2

-4.4

-4.5

-4.4

-1.1

5.6

6.1

5.8

3.33

3.98 (4)

2.4

Monetary Policy Rate

8.00

6.25

6.00

5.25

3.5 (5)

Average exchange rate (RON/EUR)

4.24

4.21

4.24

4.46

4.42 (6)

4.45

(7)

5.3

Annual average inflation

Registered unemployment rate(%)

GDP, bln. RON

-1.2

st

January 2014

0.8% 2.3%

9.1%

RON
EURO
USD

7.8

7.0

5.2

5.4

5.6

23.6

30.5

34.7

38.0

38.2 (8)

39.0

501.1

523.7

557.3

586.7

631.1 (9)

664.4

Public debt (% GDP, EU meth.)

Public debt structure as of 31

2013
Preliminary 2014 Forecast
annual figure

2012

JPY
Others

46.0%

41.9%

*Source: MoPF, NBR, NIS, NCP (1) end 2013 acc. to INS, (2) end Nov. (3) Figure refers to end 2013., (4) Jan-Dec 2013/Jan-Dec 2012 acc to NIS, (5) As of Nov.
2013 (6) average rate for Jan-Dec 2013, (7) end of Dec.. 2013, (8) end of Dec. 2013, (9) end 2013, acc NCP (10) source NCP

Exchange Rate Evolution up to date

USD/RON, EUR/RON
Moody's
Baa3

Credit rating

S&P
BB+

Fitch
BBB-

4.5097

4.5
4
3.5

3.2465

The State Treasury has built a fiscal buffer covering more than four months of gross financing needs.

By the end of January Romania has covered 24,4% of this years's gross funding needs (preliminary data).

Public Debt (EU meth.) end January 2014 - 39.8% of GDP.

3
2.5
Euro

Dollar

03
/0
1/
26 201
1
/0
2/
21 201
1
/0
4/
2
0
14
/0 11
6/
07 201
1
/0
8/
30 201
/0
1
9/
2
0
23
/1 11
1/
16 201
1
/0
1/
10 201
2
/0
3/
2
0
03
/0 12
5/
2
0
26
/0 12
6/
19 201
/0
2
8/
12 201
2
/1
0/
2
0
05
/1 12
2/
28 201
2
/0
1/
23 201
3
/0
3/
2
0
16
/0 13
5/
09 201
/0
3
7/
01 201
3
/0
9/
25 201
3
/1
0/
2
0
18
/1 13
2/
10 201
3
/0
2/
20
14

2. Domestic government securities

Domestic auctions February 2014

Date

Size Announced
(RON MIL)

Size Borrowed
(RON MIL)

06.02.2014
07.02.2014
10.02.2014
11.02.2014
13.02.2014
14.02.2014
17.02.2014
18.02.2014
20.02.2014
20.02.2014
24.02.2014
25.02.2014
TOTAL RON
TOTAL EUR

600
60
800
80
100
10
500
50
1200
200
600
60
4060
200

0
0
800
80
0
0
500
50
0
200
440
60
1930
200

Non-resident holdings of government securities RON and EUR denominated,

end January 2014 ( mil.)

Domestic auctions March 2014

Tenor (yrs)

Yield (%)

Date

10
10*
10
10*
10
10*
5
5*
1
5
5
5*

4.06
4.08
3.30
5.10
-

03.03.2014
04.03.2014
06.03.2014
07.03.2014
10.03.2014
11.03.2014
17.03.2014
19.03.2014
20.03.2014
24.03.2014
25.03.2014
27.03.2014
TOTAL RON
TOTAL EUR

Size Announced Size Borrowed

(RON MIL)
(RON MIL)
400.00
39.00
700.00
55.65
100.00
11.70
400
60

400
60
700
105
100
15
400
60
200
300
45
500
2185
200

Tenor (yrs)

Yield (%)

Date

Total, o/w

Issued on short
term

Issued on
medium and
long term

4
4*
10
10*
10
10*
5
5*
5
10
10*
1

3.87
4.25
5.30
4.94
-

31.12.2009
31.12.2010
31.12.2011
31.12.2012
31.01.2014

761.7
1,660.0
2,322.8
3,199.9
4,905.0

562.7
1,445.4
1,851.5
1,134.4
296.4

199.0
214.6
471.3
2,065.5
4,608.6

Holdings of government securities denominated in RON/EUR, in January 2014

Category
1. Banking System
2. Central Depository
3 Clients holdings
non residents*)
residents, o/w:
private pension funds

1766

*Supplementary sessions of noncompetitive offers

Total

Outstanding of government securities issued on domestic market, end of February 2014:

Outstanding government securities, RON denominated
Outstanding government securities, EUR denominated

113.3 bln Ron

94.4 bln Ron
4.2 bln Eur/18.9 bln Ron

Available
(mln Ron)
52,889.5
352.7
40,504.0
17,565.7
22,938.3
8,354.4
93,746.2

(%) total
56.8%

43.2%
100.0%

Available
(mln Eur)
2,420.4
1,593.7
999.5
594.2
195.6
4,014.1

(%) total
60.3%

39.7%
100.0%

*) includes government securities held by Clearstream

Outstanding government securities issued on domestic market end

February 2014 (by initial maturity)

Yield curve*) of government securities traded in January 2014 by

remaining maturity

5.75

Share in total
issuances on
domestic
market (%)
6.8%
10.4%
11.7%
14.2%
19.7%

5.34

5.50

T-Bills 6 Months

5.19

5.25

4.91

5.00

1.2%

4.63

4.75
4.25

11.2%

4.02

4.00

T-Bills 12 Months

22.5%

4.37

4.50

11.4%

Benchmark Bonds 3 Years

Benchmark Bonds 5 Years

3.75

3.34

3.50

9.2%

3.22

Benchmark Bonds 10 Years

3.25
Benchmark Bonds 15 Years

3.00
2.75
2.50
2.25

44.4%

2.12

2.00
<1 Y

1Y

2Y

3Y

5Y

6Y

7Y

9Y

13 Y

*) the yield curve is constructed based on the average YTM (SAFIR source) over the remaining years for each
maturity bucket of government securities denominated in lei issued on primary market

3. Eurobonds

Outstanding Eurobonds issued on External Markets, EUR and USD denominated, end of period
Outstanding government securities, EUR denominated
7.50 bln EUR
Outstanding government securities, USD denominated
5.75 bln USD

Treasury and Public Debt Department

tefan Nanu

Diana Popescu

Ministry of Public Finance

contractare.dgtdp@mfinante.ro

General Director
+4.0723.186.625

General Deputy Director

+4.0749.064.972

More information on Treasury and Public Debt section

www.mfinante.ro
www.mbuget.gov.ro

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