Romania's 10-year bonds adjusted by approximately 10 basis points in a single day and are about 40 basis points below the level at the beginning of the year, following Wednesday's decision by the Constitutional Court (CCR) on the special pension reform, Finance Minister Alexandru Nazare announced on Facebook on Thursday.
"Every correct step taken means more confidence from the markets and lower financing costs for Romania. After yesterday's decision by the CCR regarding the special pension reform - an essential reform, also required by the EU for accessing NRRP [National Recovery and Resilience Plan] funds - Romania's 10-year bonds adjusted by approximately 10 basis points in a single day and are about 40 basis points below the level at the beginning of the year. The interest rate at which Romania borrows has dropped to approximately 6.4% per year, the lowest level in the last 2 years. The decrease in interest rates for loans will come gradually, but the fact that the state borrows more cheaply is a necessary first step. And the consequence of the reforms will be seen directly in the budget, through lower long-term interest expenses - that is, more money for investments and development. Romania deserves everyone's trust", Alexandru Nazare wrote on social media.
The Constitutional Court of Romania rejected on Wednesday the notification of the High Court of Cassation and Justice on the new bill of the Bolojan Government related to the reform of magistrates' pensions and ruled that the normative act is constitutional.
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