In brief
- The Ministry of Finance has launched, through Ordinul nr. 1.013/2026, a new Tezaur government bond session, with subscriptions running from 10 August to 4 September 2026.
- Three maturities are available (1, 3 and 5 years), with tax-free annual interest rates of 6.20%, 6.75% and 7.15% respectively.
- Subscriptions can be made at State Treasury or Romanian Post counters (minimum 1 leu) or online, via ghiseul.ro (minimum 1,000 lei).
Published: Official Gazette of Romania no. 656 of 7 August 2026
In force from: 7 August 2026
The Ministry of Finance reopened, on 10 August 2026, subscriptions to the Tezaur Programme, the main instrument through which the state borrows money directly from the public, at a fixed, tax-free interest rate. Through Ordinul nr. 1.013 din 6 august 2026, the Minister of Finance, Alexandru Nazare, approved the issue prospectus for the August-September 2026 session: three series of government bonds, with maturities of 1, 3 and 5 years, at annual interest rates of 6.20%, 6.75% and 7.15%, entirely tax-free. The subscription period closes on 4 September 2026, and the funds raised will go, according to the order, towards financing the budget deficit and refinancing public debt.
The Tezaur Programme has been running since 2017, based on Ordinul ministrului finanțelor publice nr. 3.139/2017, and since 2025 subscriptions can also be made through the Romanian Post network or online, via the ghiseul.ro platform, under Ordinul nr. 333/226/2025. The new order does not change the general mechanism, but opens a new issue window, with three distinct codes: 0222 (1-year maturity), 0223 (3 years) and 0224 (5 years).
Alongside Tezaur, in September the State also reopened the FIDELIS programme, with tax-free interest of up to 7.50% in lei and 6.30% in euro, under MF Order no. 1.178/2026.
The next subscription window, for September-October 2026, follows immediately, through MF Order no. 1.192/2026.
What it changes in practice
The immediate effect is that, between 10 August and 4 September 2026, any Romanian resident individual who has turned 18 can deposit money with the state in exchange for a fixed, guaranteed interest rate, exempt from income tax. The bonds have a nominal value of 1 leu each, and the minimum subscription is 1 leu at State Treasury or Romanian Post counters, and 1,000 lei through the ghiseul.ro online platform, with a maximum cap of 200,000 lei per issue code for online subscriptions.
Interest is paid annually, on the dates set for each issue, and the invested amount (the nominal value) is repaid in full at maturity: 8 September 2027 for the 1-year bonds, 10 September 2029 for the 3-year bonds, and 8 September 2031 for the 5-year bonds.
What has changed compared with the previous situation
- New session, own conditions: the order does not introduce a new instrument, but opens a new subscription window, with interest rates set specifically for this issue (6.20%, 6.75% and 7.15%), different from previous sessions.
- Three subscription channels confirmed: the State Treasury, the postal subunits of Compania Națională Poșta Română, and the ghiseul.ro online platform all remain available, each with its own rules for closing subscriptions.
- Different deadlines per channel: subscriptions through Romanian Post close one business day earlier in urban areas and two business days earlier in rural areas, while online subscriptions close two business days before the final date.
Advantages and disadvantages
What it improves
- Fixed interest, known before subscribing, and entirely exempt from income tax, unlike most bank interest rates.
- Low risk: the investment is guaranteed by the state, and the minimum subscription amount (1 leu at the counter) is accessible to virtually anyone.
- Access through three different channels: in person, at the Treasury or the Post office, or online, around the clock, via ghiseul.ro.
What remains a problem
- The money stays locked up until maturity (1, 3 or 5 years); the order does not describe an early redemption procedure.
- The 200,000 lei cap per issue code limits how much a single subscriber can invest online in a single series.
- The yield is fixed and does not adjust if inflation or market interest rates rise above the level set by the order.
Practical advice
- If you’re interested in saving: compare the three maturities before subscribing; the higher 7.15% rate on the 5-year bonds comes with your money being locked up for longer.
- Subscribing online: keep in mind the minimum threshold of 1,000 lei, and that the ghiseul.ro platform closes two business days before the final date, 4 September 2026.
- Subscribing at Romanian Post: check the local counter’s schedule in advance, especially if you live in a rural area, where subscriptions close two business days earlier.
- Heirs: in the event of the investor’s death, the transfer of the bonds is handled at the Treasury unit or the postal subunit where the subscription was made, based on documents proving heir status.
Frequently asked questions
What is the Tezaur Programme?
Who can subscribe to Tezaur government bonds?
Is Tezaur interest taxed?
What happens if I need the money before maturity?
How much can I invest, at minimum and maximum?
Original text of the legal act
The text below is reproduced in Romanian, its official form of publication in the Official Gazette.
The full text, as published in the Official Gazette of Romania
Official Gazette of Romania no. 656 of 7 August 2026 16 pages PDF, 120 KB the act starts on page 12
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This article is for informational purposes only and does not constitute legal advice. For specific situations, consult a licensed attorney or tax advisor.