The balance of payments summarizes the economic and financial transactions between residents and non-residents of Romania with the rest of the world during a specific time period. It consists of the goods and services account, the primary income account, transfers without a quid pro quo (donations, grants and the like), as well as financial claims and obligations. Its main items are the current account, the capital account, and the financial account.

According to Article 9(a) of Law No. 312/2004 on the Statute of the National Bank of Romania, the central bank is empowered to draw up Romania’s balance of payments and other reports on its international investment position.

The methodology for reporting the statistical data necessary for the NBR to compile the balance of payments is laid down in NBR Regulation No. 4/2014 on reporting statistical data and information to the National Bank of Romania, as subsequently amended and supplemented (Regulations No. 6/2015 and No. 6/2016).

The balance of payments data sets are compiled and published according to the new international methodological standards presented in the IMF’s Balance of Payments and International Investment Position Manual, sixth edition (BPM6) that replaces the fifth edition of the Manual (BPM5).

Statistical information is available for public use on a monthly basis, being presented in the press release, the data sets section, the interactive database and the NBR’s publications.

The IIP is a statistical statement that shows at a point in time the value of: (i) financial assets of residents of an economy that are claims on non-residents or are gold bullion held as reserve assets; and (ii) the liabilities of residents of an economy to non-residents.

Statistical data on the international investment position are compiled and published according to the new international methodological standards presented in the IMF’s Balance of Payments and International Investment Position Manual, sixth edition (BPM6) that replaces the fifth edition of the Manual (BPM5).

Statistical information is available for public use on a quarterly and annual basis, being presented in the data sets section, the interactive database and the NBR’s publications.

Gross external debt is the outstanding amount of those actual current, and not contingent, liabilities that require payments of principal and/or interest by the debtor at some point(s) in the future and that are owed to non-residents by residents of an economy (according to the definition in the External Debt Statistics: Guide for Compilers, ediția 2014). The compilation of gross external debt statistical data is made in line with the IMF’s and EU’s methodology (Balance of Payments Manual - BPM6; Manual on Government Deficit and Debt Implementation of ESA 2010 2014 Edition).

External public debt is recorded, monitored and managed by the Ministry of Public Finance (Law No. 109/2008 approving Government Emergency Ordinance No. 64/2007 on public debt).

Foreign exchange capital transactions in medium- and long-term external private debt are notified to the NBR, pursuant to NBR Regulation No. 4/2014 on reporting statistical data and information to the National Bank of Romania, as subsequently amended and supplemented ( Regulations No. 6/2015 and No. 6/2016).

The external debt data sets are compiled and published according to the new international methodological standards presented in the IMF’s Balance of Payments and International Investment Position Manual, sixth edition (BPM6) that replaces the fifth edition of the Manual (BPM5).

Statistical information is available for public use on a monthly basis, being presented in the press release, the data sets section, the interactive database and the NBR’s publications.

Direct investment statistics encompasses all kind of cross-border investment made by resident entities in an economy (direct investors) in order to acquire a lasting interest in enterprises operating in other economies (direct investment enterprises). The investment relationship related to direct investment usually implies that the investor exerts a significant degree of influence on the management of the enterprise in which it has invested.

In compliance with the IMF’s Balance of Payments and International Investment Position Manual, sixth edition (BPM6), the standard presentation of direct investment is based on the assets/liabilities principle (as shown in the standard components of the balance of payments).

For an analytical understanding of direct investment, data are also presented according to the directional principle, thus resulting in two statistics:

Direct investment in the reporting economy (DIRE)

Direct investment in the reporting economy (DIRE) is a lasting investment relationship between a resident entity and a non-resident entity; it usually implies that the foreign investor exerts a significant degree of influence on the management of the resident enterprise in which it has invested.

DIRE includes the paid-up capital and the reserves related to a non-resident investor holding at least 10% of the subscribed share capital of a resident enterprise, the reinvestment of earnings, as well as the debt instruments between the investor or the group to which the investor belongs and the resident direct investment enterprise in which it has invested.

In addition, entities in which indirect ownership of the non-resident investors gives rise to a significant influence indirectly are considered direct investment in the reporting economy.

The quarterly and annual DIRE data sets are determined based on a statistical survey conducted by the National Bank of Romania and the National Institute of Statistics.

Direct investment abroad (DIA)

IDirect investment abroad (DIA) is a lasting investment relationship between a resident entity and a non-resident entity; it usually implies that the resident investor exerts a significant degree of influence on the management of the non-resident enterprise in which it has invested.

DIA comprises the paid-up capital and the reserves related to a resident investor holding at least 10% of the subscribed share capital of a non-resident enterprise, the reinvestment of earnings, as well as the debt instruments between the investor or the group to which the investor belongs and the non-resident direct investment enterprise in which it has invested.

In addition, entities in which indirect ownership of the resident investors gives rise to a significant influence indirectly are considered direct investment abroad.

The annual DIA data sets are determined based on an annual statistical survey conducted by the National Bank of Romania.

The external sector statistical information is available for public use on an annual basis, being presented in the press release, the data sets and the NBR’s publications.