The domestic public debt, however, continues to grow. In October, it increased by 800 million lei due to the redemption of previously converted securities. The primary market does not fully absorb the issue package offered by the Ministry of Finance, and the secondary market is practically inactive. Thus, in September, the smallest volume was sold for 12 months. – 2.159 billion lei.
Against this background, the government’s internal borrowings are lagging behind the plan. The draft amendments to the law on the state budget for 2025 provide for the previous limit of 8.5 billion lei for the growth of borrowings on the domestic market. This limit is unlikely to be chosen by the end of the year, if the financial market does not show “consciousness”.
As of the end of October 2025, the domestic public debt at nominal value, compared to the beginning of the year, increased by 4.7 billion lei, amounting to 48.7 billion lei. Debt servicing, with falling demand for securities, has led to a reduction in its efficiency.
Efficiency was also affected by the change in the domestic public debt during the year, which was mainly due to an increase in the issuance of SS on the primary market by 5.8 billion lei and through the electronic platform by 452 million lei. The redemption of previously converted SS in the amount of 1.09 billion lei and the redemption of state securities issued for certain purposes established by law in the amount of 360.0 million lei decreased the net financing of the budget from domestic borrowings.
In the first 10 months of 2025, the weighted average interest rate on government securities traded at auctions amounted to 9.02%.
