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Financial & Banking

Budget excess dropped in February

Monday, March 30, 2015

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The execution of the general consolidated budget at the end of February ended with an excess of 2.3 billion lei, or 0.33% of GDP, compared to a deficit of 3.1 billion lei (0.46% of GDP) registered in 2014. At the end of January the excess was of 3.95 billion lei (0.56% of GDP).   Incomes of the general consolidated budget obtained 33.8 billion lei in the first two months, representing 4.8% of GDP. ...

The Bucharest Stock Exchange becomes partner of the UN Initiative Sustainable Stock Exchanges

Monday, March 30, 2015

The Bucharest Stock Exchange (BVB) became stock exchange partner of the UN initiative Sustainable Stock Exchange (SSE), according to a press release of BVB.   ‘The SEE initiative was launched by the secretary general of UN Ban Ki-moon ...

IMF Executive Board Concludes 2015 Article IV Consultation with Romania

Monday, March 30, 2015

Press Release No. 15/145March 27, 2015   On March 25, 2015, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with ...

Transcript of a Conference Call on the 2015 Article IV Consultation with Romania

Monday, March 30, 2015

Washington, D.C.Friday, March 27, 2015   Andrea Schaechter, Mission Chief for Romania, European DepartmentOlga Stankova, Senior Communications Officer, Communications Department   MS. STANKOVA: Hello, everybody. Welcome to the conference call on the release of the 2015 Article IV Consultations with Romania. You have, I ...

Banks in Romania ready for new disclosure requirements, says BNR official

Monday, March 30, 2015

The head of the Regulation and Licensing Department of the National Bank of Romania (BNR), Cristian Stefan, on Thursday said the commercial banks operating in Romania are currently implementing the new disclosure and data release requirements of the third pillar of the Basel Agreements following a process that began throughout Europe last year.   According to Stefan,the new disclosure rules ...

Loan repayments in arrears, recorded in February 2015, up by 2.3% from January

Monday, March 30, 2015

The total amount of lei loan repayments in arrears, recorded in February 2015, stood at 10.38 billion lei, up by 2.3% from January, while the forex loan repayments in arrears amounted to 14.881 billion lei (equivalent), up by 0.66%, according to a Wednesday's report by Romania's Central Bank /BNR/. Total lei loans in February ...

BNR is monitoring transactions with Bitcoin

Monday, March 30, 2015

Romania's National Bank (BNR) is currently monitoring transactions with virtual currencies of the Bitcoin type and is warning the possible users about the extreme volatility of these instruments, which can lead, in time, to significant risks for users, said Ruxandra Avram, the head of payment and systems oversight division of the ...

BNR : Monetary indicators - February 2015

Monday, March 30, 2015

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At end-February 2015, broad money (M3) amounted to RON 258,601.1 million, declining 0.2 percent (down 0.6 percent in real terms) month on month. In year-on-year comparison, broad money rose 6.5 percent (6.0 percent in real terms), Romanian central bank (BNR) reports.   At end-February 2015, RON-denominated non-government loans granted by credit institutions went up 7.1 percent (6.7 percent in real terms) ...

World Bank project to help Romania reverse increasing high school dropout rates and declining university enrollment

Monday, March 23, 2015

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The World Bank’s Board of Executive Directors approved a EUR 200 million loan for the Romania Secondary Education Project (ROSE), which will be implemented by the Romanian Ministry of Education and Scientific Research over seven years.  ROSE aims to increase Romanian students’ chances of successfully completing tertiary education.   While Romania’s high school enrollment rate has increased in the ...

BNR:Balance of payments and external debt - January 2015

Monday, March 23, 2015

In January 2015p, the balance-of-payments current account posted a surplus of EUR 554 million, compared with EUR 252 million in the same year-ago period, amid the widening of the primary income and services surpluses (by EUR 132 million and EUR 83 million respectively), the narrowing of the goods balance deficit (by EUR 55 million) and the secondary income balance going into surplus (EUR 32 million), a press release sent by the Central Bank (BNR) ...

Generali Romania doubles annual profit to EUR 8.8 mln

Monday, March 23, 2015

Generali Romania doubled its net profit last year, which increased from RON 20.1 million (EUR 4.55 million) to RON 39.2 million (EUR 8.88 million), due to personnel cuts by 22 percent and to 7.3 percent compensation, while revenues from underwritings rose by 5.5 percent, according to the insurer. Last year, underwritten premiums totaled RON 462.7 million (EUR 104.8 million), from RON 438.7 million (EUR 99.36 million) ...

Number of the individuals in arrears to NBFIs and banks reached, in January, , by 0.2% more than at end-December 2014

Monday, March 23, 2015

The number of the individuals in arrears to non-banking financial institutions (NBFIs) and banks reached, in January, 710,820, by 0.2% more than at end-December 2014, show the data released by Romania's Central Bank ...

PM Ponta: New Tax Code will manage to stimulate even more investments and business environment

Monday, March 23, 2015

The new Tax Code will manage to stimulate even more investments and the business environment of Romania, says Prime Minister Victor Ponta starting from the results of a survey drawn up by The Economist Intelligence Union (EIU), which shows, among others, that our country has a strong, growing economy, based on domestic consumption.   "The new Tax Code will manage to stimulate even more investments and the business ...

Reuters: Romania could cut taxes this year, Ponta says

Monday, March 23, 2015

 Buoyed by a healthy budget surplus, Romania could start cutting taxes as early as this year while keeping to a 2015 fiscal deficit target of 1.8 percent agreed with the International Monetary Fund, Prime Minister Victor Ponta said on Tuesday.   Ponta told foreign media reporters the budget had a preliminary surplus of nearly 1 billion euros ($1.1 billion) in the first quarter and also ...

Net assets of the five financial investment companies (SIFs) reached 6.7 billion lei at end-February 2015

Monday, March 23, 2015

The cumulated level of the net assets of the five financial investment companies (SIFs) reached 6.7 billion lei at end-February 2015, by 3.4% more compared to that recorded in the previous month, according to a press release issued on Wednesday by the Managers Funds' Association of Romania ...

Romania’s private pension system gets 3 pct of GDP

Monday, March 23, 2015

The total assets under the administration of the entire private pension system increased by 36.7 percent last year, to RON 20.2 billion (EUR 4.5 billion) and accounted for 3.05 percent of the GDP, from 2.34 percent a year ago, announced the Financial Supervisory Authority (ASF).   On the segment of mandatory private pensions (Pillar II), the net asset value recorded at December 31, 2014, ...

Golin Romania, chosen as communicator for MasterCard

Monday, March 23, 2015

Golin Romania has been chosen as communicator for MasterCard, following a competitive selection process held earlier this year among the local PR ...

Competition Council authorized the takeover of Volksbank by Banca Tranilvania

Monday, March 23, 2015

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The Competition Council authorized the economic concentration represented by Banca Transilvania's acquiring control over Volksbank Romania and Volksbank Services Romania, the competition authority informed on ...

Reuters:Central Europe may move ahead with more monetary easing - analysts

Monday, March 23, 2015

  Central banks in emerging Europe are expected to ease monetary policy further to stop their strengthening currencies from driving already anaemic inflation lower and potentially hurting growth, reuters.com informs.Poland and Serbia cut rates early this month, and Hungary and Romania are expected to follow suit at the end of March."As a base case, we expect ... 60-75bps from Hungary and ...

Banks should make fair, transparent and very clear offers

Monday, March 23, 2015

Banks should make fair, transparent and very clear offers because Romanians' confidence in banks is low, National Authority for Consumer Protection (ANPC) President Marius Alexandru Dunca told Monday's conference "Financial Services Consumer's ...

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