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Financial & Banking

Romania has drawn one billion euros from foreign markets through a 12-year

Monday, May 23, 2016

Romania has drawn one billion euros from foreign markets through a 12-year, 2.992pct yield bond issue, informs a press release by the Public Finance Ministry (PFM) sent on ...

Governor of the National Bank of Austria participated at a conference organized at the National Bank of Romania

Monday, May 23, 2016

The Central and Eastern European region is again the most dynamic in Europe, with an estimated growth of 3.5 percent in 2016, and Romania stays among the top priorities of the Austrian banking community; yet the region has both opportunities and risks, mainly related to legislation, governor of the National Bank of Austria Ewald Nowotny told a conference organized at the National Bank of ...

BVB CEO Sobolewski: Listing of Hidroelectrica might promote Romania to emerging market

Monday, May 23, 2016

The listing of state-owned hydro power company Hidroelectrica at the Bucharest Stock Exchange (BVB) is a chance for Romania to promote from frontier status to transition and eventually emerging market, BVB CEO Ludwik Sobolewski says in an interview to AGERPRES. Global deposit receipts at the London Stock Exchange could help, but direct investment in actions is easier than connecting to the Romanian market through GDRs, and the tax on dividends is final in Romania for GDR ...

Central bank counselor: Bank capital decreases following law on debt discharge

Monday, May 23, 2016

The banks operating in Romania began losing capital after the entry into force of a law on debt discharge that allows customers to give in payment only their mortgaged real estate, says Adrian Vasilescu, strategy counselor of the National Bank of Romania (BNR, the central bank). As a result, bank shareholders might be compelled to pump additional funds, he warned at an economic event on ...

Romanian Banking Association announces Single Euro Payments Area implementation by end-October

Monday, May 23, 2016

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The Single Euro Payments Area (SEPA) system for payments in euro will be completed by end-October, Romanian Banking Association (ARB) President of Honour Radu Gratian Ghetea assured last Wednesday. "Romania joined the European Union ten years ago, when it was also accepted in the European Payments Council as a full member. Since then, we had more obligations, and one of them concerned the ...

Net assets of the local investment funds were left at 21 billion lei in April

Monday, May 23, 2016

The net assets of the locally opened investment funds had a stationary evolution in April, the level reached being 21 billion lei (4.1 billion euro) and the growth at the beginning of the year of 0.2% is modest, according to the data published by the Associatin of Funds Administrators. The local funds recorded in April net outflows of 17.7 million lei (4 million euro) especially bonds funds (minus 48 million lei)diversified ones (minus 9.3 million lei) and less the absolute yield ...

AURSF requires the Authorities to eliminate the tax and the drop in notary fees by 90% for commissioning payment

Monday, May 23, 2016

The Association of the Romanian users of Financial Services (AURSF) required the ministry of public finances (MFP) to eliminate the tax in the case of commissioning payment and to the National Union of Public Notaries to reduce the notary taxes by 90%, announced on Wednesdat the chairman of the Association Alin Iacob. ‘AURSF made two requests in this matter. We sent a letter to MFPwhere we request the drawing up of an emergency ordance through which the beneficiaries of law ...

Eurostat: April 2016 Annual inflation down to -0.2% in both euro area and EU

Monday, May 23, 2016

Euro area annual inflation was -0.2% in April 2016, down from 0.0% in March. In April 2015 the rate was 0.0%. European Union annual inflation was also -0.2% in April 2016, down from 0.0% in March. A year earlier the rate was 0.0%. These figures come from Eurostat, the statistical office of the European Union. ...

Groupama Insurance will add, as of this autumn, the coverage of a new risk to the policy for crops - drought

Monday, May 23, 2016

Groupama Insurance, the leader of agricultural insurance in Romania, will add, as of this autumn, the coverage of a new risk to the policy for crops - drought, which is one of the most important risks facing Romanian farmers, according to a company's ...

EC recommended Romania to increase tax compliance

Monday, May 23, 2016

The European Commission on Wednesday recommended Romania, Latvia, Poland and Slovakia to increase their tax compliance. The European Commission on Wednesday ...

Minister Dragu: The cap for guarantees for 2016 for the "First Home" programme to be increased with 500 million lei

Monday, May 23, 2016

Minister of Public Finance Anca Dragu said on Wednesday that the ministry has decided to increase the cap for guarantees for 2016 for the "First Home" programme with 500 million lei, because the number of funding requests doubled in the first four months of this ...

National Agency for Fiscal Administration releases list of individual debtors to state budget

Monday, May 23, 2016

The National Agency for Fiscal Administration (ANAF) published on Monday a list of 187,230 individuals who owe more than 1,500 lei each to the state budget; their total debts amount to 3.4 billion lei. Bucharest's 3rd District Mayor Robert Negoita is at the top with debts of 232 million lei on 31 March. Other notorious names on this lists are businessmen George Becali (the unofficial owner ...

IMF Executive Board Concludes 2016 Article IV Consultation with Romania

Monday, May 16, 2016

* On May 9, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with Romania, IMF said in a press release. The Romanian economy is on a cyclical upswing ...

IMF Survey: Emerging Europe Moves Ahead but Slower

Monday, May 16, 2016

Robust recovery in most of the region, except in Russia and other CIS economies Growth still lower than before crisis, catch-up with advanced Europe to take longer Countries need to address structural bottlenecks Most of the Central, Eastern, and Southeastern European economies (CESEE) continue to record robust growth, while ...

IMF recommends BNR to begin closing the gap between market and policy rates

Monday, May 16, 2016

The International Monetary Fund recommends the National Bank of Romania (BNR, the central bank) to begin closing the gap between market and policy rates, while leaving its policy rate ...

BERD improved the prognosis of economic growth of Romania at 4%

Monday, May 16, 2016

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The European Bank for Reconstruction and Development (BERD) improved the prognosis of economic growth for Romania in 2016 from 3.7% to4% according to the new estimates announced on Wednesday in the annual reunion which takes place in London. For 2017, BERD anticipates a growth of GDP of 3.5% in the case of Romania. ‘In 2016 and 2017 the domestic demand will continue to support the economic growth. The consumption will be pushed upwards by the ...

BNR requires the banks to evaluate their clients more rigorously before signing a loan contract

Monday, May 16, 2016

BNR published on Wednesday amendments to the directive 17/2012 regarding some conditions for loan contracts and introduced five new articles which say that before signing a loan credit the banks have to make an evaluation of the capacity of the client to give the money back. ‘Before the signing of a loan contract, the bank makes a rigorous evaluation of the capacity of the client to give the loan back according to the contract, taking into consideration relevant factors ...

Tax arrears of small debtors, public organisations total 77.11 billion lei; 81pct of them, irretrievable

Monday, May 16, 2016

The National Agency for Fiscal Administration (ANAF) has released a list of small debtors indicating that 144,829 small tax payers and public organisations had tax arrears in excess of 10,000 lei as of March 31, 2016, to the tune of 77.11 billion lei, 81 percent (62.46 billion lei) of which are irretrievable arrears, ANAF reports. First among tax delinquents ...

Reuters: ROMANIA UNLIKELY TO POSTPONE PLANNED 2017 FISCAL LOOSENING - IMF

Monday, May 16, 2016

Romania's government was unlikely to postpone planned 2017 tax cuts to avoid exceeding its budget deficit target as there would be little parliament support for it in an election year, the International Monetary Fund said in a report on Wednesday quoted by Reuters. The IMF expects Romania's economy to rise 4.2 percent this year and 3.6 percent in 2017, driven by public sector wage hikes and tax cuts enforced this year ahead of two elections, with ...

ANAF's Dragos Doros: Foreclosures Directorate recoups first sums from cases solved by courts

Monday, May 16, 2016

The Foreclosures Special Cases General Directorate within the National Agency for Fiscal Administration (ANAF) has started operations this year and has already the first results from receipts related to the cases settled in courts, ANAF President Dragos Doros said in an interview with AGERPRES. The ANAF head also spoke about the current phase of changing ...

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