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Financial & Banking

Isarescu (BNR): the standards and good practices established at the OECD level have been the benchmark for us

Monday, May 22, 2017

The standards and good practices established at the level of the Organization for Economic Co-operation and Development (OECD) represented to the National Bank an important benchmark against which the institution has reported and reports on a regular basis, Governor of the National Bank of Romania (BNR) Mugur Isarescu on Thursday told the "Romania and OECD, present and future ...

Finance Ministry: Romania’s financing need represents 8.4% of GDP this year

Monday, May 22, 2017

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Romania needs 54-55 billion lei this year to refinance old debts and another 24 billion lei to cover the estimated budget deficit, that is 8.4% of GDP estimated for this year,  said Enache Jiru, secretary of state in the Finance Ministry on Thursday, at the conference of the Organization for Econimic Cooperation and Development (OECD), organized by ELEC Romania and Finmedia, with the support of the Government of Romania and the National Bank of Romania ...

Study: Sum total of competition policy impacts in ten key industries exceeds 1 billion euros

Monday, May 22, 2017

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The sum total of the impacts generated by the policies applied for 20 years in business by the Competition Council in ten key industries is exceeding one billion euros, according to a study conducted by the Bucharest School of Economics (ASE). "The active competition policy pursued by the Competition Council in 1996-2016 for the main propose of securing the ...

Romania’s mandatory car insurance market to have reference prices

Monday, May 22, 2017

This Thursday was the last day with regulated prices for the mandatory insurance RCA, while the reference tariffs will be enforced starting Friday, said the first vice president of the Financial Surevillance Authority (ASF), Cornel Coca Constantinescu, in a press briefing, business-review.eu informs. „Thursday it’s the last day of the ceiling for tariffs. From the discussions that we had with the Government and with the ...

Raiffeisen Bank Romania records lower profit in first quarter

Monday, May 22, 2017

Raiffeisen Bank Romania, one of the top 5 local lenders, recorded a net profit of EUR 21 million in the first quarter of this year, down 25% year-on-year, romania-insider.com informs. The company also saw its revenues go down year-on-year. The bank increased its lending by 3.6% during this period reaching a total balance of loans of EUR 4.73 billion at the end of March. Raiffeisen Bank Romania raised its assets by 9% to ...

ING Bank Romania registered în Q1 of 2017 a gross profit of 120 million lei

Monday, May 22, 2017

ING Bank Romania registered in the first quarter of this year a gross profit of 120 million lei, by 22 million lei higher than in the same period last year, as revenues increased significantly (52 million lei) and costs were kept under control, according to a press release sent on Thursday ...

ANAF this April collected by 1.17 billion lei more than one year ago

Monday, May 22, 2017

  The National Agency for Fiscal Administration (ANAF) this April collected by 1.17 billion lei more than one year ago, up 107 percent, while the increase January through April 2017 was 102.7 percent, ANAF Chairman Bogdan ...

Isarescu: banking system of the Republic of Moldova is heading for a good direction

Monday, May 22, 2017

The banking system of the Republic of Moldova is heading for a good direction, once with the unfolding of the collaboration project it had with the National Bank of Romania (BNR) and the Netherlands' central bank, which it benefited from for two years, on Tuesday said the BNR governor, Mugur Isarescu, at a closing conference of the partnership project unfolded with De Nederlandsche ...

EximBank in 2016 recorded almost EUR 110 million turnover

Monday, May 22, 2017

 EximBank in 2016 recorded almost EUR 110 million turnover from factoring up by 76 percent as compared to the level reported for 2015, a release by the bank reads. As a result, EximBank goes second in the ranking of ...

Investment funds' net assets up 1.9% y/y at end-April

Monday, May 22, 2017

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Romanian investment funds' net assets rose to 25.4 billion lei ($6.2 billion/5.6 billion euro) at the end of April, up 1.9% on the year, the Romanian Association of Asset Managers, AAF, said on Friday, quoted by seenews.com. The net assets of open-end investment funds rose 1.2% at the end of April, but fell 0.4% on the month to 22.14 billion lei, the association said in a statement. Local open-end investment funds registered net outflows of 99.2 ...

Romanians from Great Britain, Italy and Spain send largest amount of money to Romania

Monday, May 15, 2017

The amounts sent home by Romanians living in northern Europe have grown considerably of late. In exchange, those from Italy and Spain send less money, proving that they moved to Great Britain, Norway or Sweden, said Massimo Canovi, Money Gram, present at Future Banking conference, organized by Wall-Street.ro. He said that the average amount sent in a transaction is 300 euros. “The amount sent to Romania per transaction ...

OTP Bank Romania doubles Q1 profit on higher income, lower costs

Monday, May 15, 2017

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Hungarian banking group OTP said on Friday the consolidated adjusted after-tax profit of its Romanian unit doubled year-on-year in the first quarter of 2017, reaching 1.3 billion Hungarian forints ($3.95 million/3.64 million euro). OTP Bank Romania's net profit grew considerably in the first quarter, compared to the 616 million forints profit in the corresponding period of last year, mainly due to higher total income and lower operating costs, OTP ...

În the first quarter of 2017 - GDP up by 0.5% in the euro area and by 0.4% in the EU28

Monday, May 15, 2017

+1.7% and +1.9% respectively compared with the first quarter of 2016 Seasonally adjusted GDP rose by 0.5% in the euro area (EA19) and by 0.4% in the EU28 during the first quarter of 2017, compared with the previous quarter, according to a ...

BVB posted a net profit of 2.83 million lei in Q1 of 2017

Monday, May 15, 2017

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The Bucharest Stock Exchange (BVB) posted a net profit of 2.83 million lei in the first quarter of this year, up 6.975 pct as compared to the similar period of 2016, according to the consolidated results published on their own ...

EIF and Raiffeisen Bank signed a COSME agreement

Monday, May 15, 2017

The European Investment Fund (EIF) and Raiffeisen Bank signed a COSME agreement, which allows the bank to grant 800 million lei (approximately 177 million euro) in loans for small and medium-sized businesses in Romania, announced on Wednesday, the bank's ...

PwC: Romania will start the financial information exchange system in September 2017

Monday, May 15, 2017

Romania will start the financial information exchange system in September 2017, Mihaela Mitroi, PwC Romania Tax and Legal Services Leader, told a specialist conference on Tuesday. "We encourage communication among us, consultants, your representatives, and ...

Operating leasing market topped 62,000 units in management at the end of Q1 2017

Monday, May 15, 2017

The operating leasing market topped 62,000 units in management at the end of Q1 2017, in line with early year estimates, and up 3 pct from the end of 2016, the Operational Leasing Companies Association announced in a release. Nearly 4,300 vehicles were registered by operating lease companies between January and March, accounting for 16 pct of the total of 26,000 new registrations of cars and light commercial vehicles. "The results of Q1 2017 ...

NBR Board decisions on monetary policy

Monday, May 8, 2017

* In its meeting of 5 May 2017, the Board of the National Bank of Romania (NBR) decided the following: to keep unchanged the monetary policy rate at 1.75 percent per annum; to pursue adequate liquidity management in the banking system; and to cut the minimum reserve requirement ratio on foreign exchange-denominated liabilities of credit ...

Sobolewski (BVB): Romania is at the top of increase in the league of the European stock exchange after the first four months

Monday, May 8, 2017

The interest of investors for the companies   listed with the BVB brought the main indicators of the stock exchange a plus of 16% in the first four months of this year, the rate of growth from Romania being double against the one in Germany or France, according to the monthly report of BVB sent on Wednesday. ‘Romania is still at   the top of growth in the league of the European stock exchange after the first four months. The ...

Romanian bank BCR's Q1 net profit drops

Monday, May 8, 2017

Austria's Erste Group said on Friday the net profit of its majority owned Romanian bank Banca Comerciala Romana (BCR) dropped 40% on the year to 39.2 million euro ($42.8 million) in the first three months of 2017, seenews.com informs. BCR's consolidated net profit attributable to owners of the parent also dropped 40% to 36.8 million euro in the first quarter of 2017, compared to the same period of last year. The ...

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