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Financial & Banking

Press Release of the Board of the National Bank of Romania

Monday, April 6, 2015

  In its meeting of 31 March 2015, the Board of the National Bank of Romania decided: to lower the monetary policy rate to 2.00 percent per annum from 2.25 percent starting with 1 April 2015; to narrow the symmetrical corridor of interest rates on the NBR’s standing facilities around the policy rate to ±1.75 percentage points from ±2.00 percentage points. ...

Isarescu: the banking system is solid, but the liquidity is not evenly spread among the banks

Monday, April 6, 2015

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The banking system is solid from the point of view of liquidity but the liquidity is not evenly spread among the Romanian banks, so that some of them prefer to borrow from the National Bank, stated the BNR governor, Mugur Isarescu.   ‘There is sufficient liquidity on the market, but it is not evenly spread, it is present with some banks (…). When we checked the market on Monday, we saw that there were banks, ...

Negritoiu (ASF): The loans in CHF produce big emotion because when they were sold nobody showed the potential risks

Monday, April 6, 2015

  The loans in CHF were sold without the explanation of possible risks, as they are the main reason for which these loans produce at present ‘ such emotion’ stated the chairman of the Authority for Financial Surveillance (ASF) Misu Negritoiu.   ‘The loans in CHF produce big emotion as, among others, they were not sold with a manual of use and the potential risks were not ...

Romania has to pay another 128.1 million euro to the EU an WB in 2015

Monday, April 6, 2015

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Romania has still to pay this year, another 128.1 million euro to the European Union and the World Bank from the stand-by contract in 2009, according to the data presented by the ministry of public finances (MFP). Since the beginning of the year, our country gave back over 1.732 billion euro to the IMF, the EU and the WB. The biggest part of the sum, over 1.546 billion euro was paid on 1 January to the EU out of which 1.5 ...

Transparency International Romania: the fiscal evaders steal from public property

Monday, April 6, 2015

Transparency International Romania ‘ welcomes the promotion campaign for fiscal discipline as a social justice attitude, of combating fraud and corruption regarding budgetary income’ and considers that ‘ it is not advisable to implement the decisions half way, as fiscal evasion is stealing from public money’. ‘Taking into consideration the discussions in the government meeting of today 2 April on this issue, we appreciate ...

BVB General Manager : Romania's capital market needs also U.S. institutional investors and their global network

Monday, April 6, 2015

 Romania's capital market needs, in order to meet its objective of promoting to the emerging market status, also U.S. institutional investors and their global network, for liquidity and development, Ludwik Sobolewski, the Bucharest Stock Exchange (BVB) General Manager told the second event Romania Investors Days, in New York. "The BVB is the ...

Romania's Agricover Credit NBF secures EUR 10 mln loan from the International Investment Bank

Monday, April 6, 2015

Agricover Credit NBF, the financial division of Romanian agribusiness group Agricover, signed today an agreement with the International Investment Bank (IIB) covering the granting of a loan facility worth EUR 10 million  which it wants to use to finance local farmers, the company announced on Tuesday.“These funds ...

Interest rates on the banking market went up at end-March

Monday, April 6, 2015

Interest rates on the banking market went up at end-March, so that the 3-month ROBOR rose from a historic low of 1.28 per cent, on March 24, to 1.48 per cent on Tuesday, according to the data released by Romania's Central Bank ...

Romania's new draft Fiscal and Fiscal Procedure Codes are now being debated

Monday, April 6, 2015

Romania's new draft Fiscal and Fiscal Procedure Codes, adopted by the Romanian Government last week, are now being debated by the Senate’s Budget Committee, under an emergency procedure. On Monday, however, the Fiscal Council, an independent body whose responsibility is to make recommendations regarding the long term fiscal and budgetary discipline, rejected many of the amendments brought to the two codes. The Council believes that the ...

Fiscal Council issues negative opinion on Tax Code Bill

Monday, April 6, 2015

The Government's initiative of rewriting the Tax Code is justified and welcome, given the many modifications brought to this document over the years; nevertheless, major cuts to taxes and duties are not sustainable, the Fiscal Council says in its opinion on the Tax Code revision project. 'Given the very high probability of the implementation of the ...

Reuters: Romania's Isarescu says monetary easing is not at an end

Monday, April 6, 2015

Romania's central bank Governor Mugur Isarescu said on Tuesday he could not "confirm or deny" his bank was at the end of a rate cycle, adding monetary policy was not confined solely to interest rate decisions. Isarescu told a news conference that future decisions would depend absolutely on future fiscal decisions, but on other factors as well. He also said minimum reserve requirement cuts are still ...

Gov't savings in the first three months permit a reduction of VAT to 20pct

Monday, April 6, 2015

Government's savings in the national budget over the first three months of the year will permit a reduction to 20 per cent, from a current 24 per cent, in the Value-Added Tax (VAT) or a 9-per-cent reduced VAT in the months to come, according to governmental macroeconomic adviser Cristian Socol. According to Socol, the VAT could be cut in the months ahead. ...

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) ...

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