At its regular monthly session for February, The National Bank Council reviewed the latest macroeconomic indicators and the Report on the Management and Investment of Foreign Exchange Reserves (FX) in the fourth quarter (Q4) of 2025.
In the domestic economy, the latest indicators are mainly in line with the projections. In the third quarter of 2025, real GDP growth amounted to 3.8% and is slightly above expectations, and the available high-frequency data indicate growth during the fourth quarter as well. The average inflation rate in 2025 is 4.1% and is close to the projections.
In January 2026, foreign exchange reserves recorded growth and are at a level that, according to accepted international standards, is appropriate for maintaining exchange rate stability. Monetary sector data show annual growth of 10% in deposits and 13% in loans in December 2025, which is moderately above year-end projections.
According to the Report on the Management and Investment of Foreign Exchange Reserves, in the fourth quarter of 2025, foreign exchange reserves increased and reached EUR 4,925 million at the end of December. In line with the investment structure, around 74.2% of foreign exchange reserves are invested in debt securities, mainly in government bonds issued by euro area member states, followed by monetary gold (16.5%) and deposits and cash (9.3%).
