Ministry of Finance: Cheaper loans for the government after the announcement of austerity measures

The first effects of the fiscal package proposed by the government are visible on the financial markets, with borrowing costs for Romania falling, according to a post on the Ministry of Finance's Facebook page.

The Romanian Interbank Offer Rate (ROBOR) fell below 7% for the first time since the presidential elections.

Compared to the end of Tuesday, July 1, Romania was borrowing cheaper on Friday by about 3 to 15 basis points, a sign that measures to increase taxes and reduce the deficit are being accepted by investors, according to the Ministry of Finance.

Translated by: Radu Matei