Romania : Balance-of-payments assistance programme 2013-2015

Romania is expected to maintain access to sovereign financing over the programme period barring adverse external developments. CDS spreads with the Bund have reached their lowest levels since 2010. The current-account deficit is expected to decrease from around 4% of GDP in 2012 to around 2% in 2013, mainly thanks to a much lower trade deficit as export is booming and import is slightly decreasing. The importance of portfolio investments for financing the current-account deficit has increased. Foreign direct investment remains sluggish