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Financial & Banking

WB: Romania joins World Bank’s fund for the poorest, contributing to positive change for world’s neediest

Monday, April 14, 2014

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Minister Delegate for Budget and Romania’s Governor of the World Bank Group (WBG), Liviu Voinea, Saturday signed on behalf of Romania the Articles of Agreement of the International Development Association (IDA), a press release sent from Washington by the World bank informs. World Bank Vice President for Europe and Central Asia Laura Tuck was joined by World Bank Vice President Joachim von Amsberg, Romanian officials, and World Bank staff ...

BNR chief economist says Romania's accession to Eurozone unlikely in the next decade

Monday, April 14, 2014

Chief economist of the National Bank of Romania (BNR) Valentin Lazea argues that it will take Romania at least nine-ten years to reach a per capita Gross Domestic Product (GDP) that is 60 per cent of the EU average at purchasing power parity. Without such achievement, Romania will not be welcome in the Eurozone.'At the end of 2013, the per capita GDP at purchasing power parity in Romania was standing at 50 per cent of the EU average. ...

Balcerowicz: The all-evil deflation - a fabrication

Monday, April 14, 2014

Inflation in the European Union is declining, but it is nonetheless an inflation and the myth of deflation being always bad is a fabrication, Leszek Balcerowicz, former Deputy Prime Minister and Finance Minister of Poland, as well as former chairman of the National Bank of Poland - considered Poland's reformer, told a conference in Bucharest on Wednesday.They say that when prices no longer increase, consumers stop buying products and ...

Isarescu:The criteria of convergence connected to inflation and interest rates will be achieved this summer

Monday, April 14, 2014

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  Inflation and interest rates to the national currency will be achieved this summer, within the limits established by the criteria in Maastricht for the adoption of the single European currency, stated on Monday the governor of the National Bank of Romania, Mugur Isarescu, in a seminar ‘ Changes in the Romanian ...

Dumitru: the level of indebtness is high with the population and the companies,needing capitalisation

Monday, April 14, 2014

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The degree of indebtness is high in Romania both at the level of population where the debt service in the available income is among the highest in the EU and for companies where more than a third of the profitable companies have banking loans, Ionut Dumitru, head economist with Raiffeisen Bank says.   ‘With the population the debt ...

Lazea: the impact of lending on the economic growth is overestimated

Monday, April 14, 2014

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The impact of lending on economic growth is overestimated, the advance of GDP being possible without banking lending, Valentin Lazea, head economist with BNR says, mentioning that the banks should focus on the loans offered to companies and less to the population.   ‘In Romania, the hypothesis is confirmed by figures, as in 2012 we had ...

Balance of payments and external debt, February 2014

Monday, April 14, 2014

According to Central bank (BNR),in January - February 2014p, the balance-of-payments current account posted a deficit of EUR 102 million as compared with a surplus of EUR 177 million in the same year ago period, amid the increase in income deficit (by EUR 195 million) and trade deficit (by EUR 28 million), as well as the decrease in current transfers surplus (by EUR 86 ...

Romanian Banks’ Association votes new Board of Directors

Monday, April 14, 2014

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The General Assembly of the Romanian Banks’ Association (RBA) voted on Thursday the members of the Board of Directors. Sergiu Oprescu (Alpha Bank) left the board while two new members got in: Mirela Bordea (Credit Europe Bank) and Cornel Theodor Stanescu (Marfin Bank). The members’ mandate is for three years and Flroin Danescu will continue to be executive director of the ...

Central Depository launches new facility of financial lending instruments

Monday, April 14, 2014

The Central Depository /DC/, the company conducting clearing-settlement operations for transactions on the stock market, has launched a new facility of the financial lending instruments, through the platform RoClear Connect, as a meeting point of loan applications and offers.According to a DC press release, the option provides fast access to main information to users - the type of application, the financial instruments for the lending ...

Senate adopts bill on providing Rep. of Moldova with 100 mln euro financial aid

Monday, April 14, 2014

The Senate on Tuesday approved a draft law according to which Romania provides the Republic of Moldova with a non-refundable financial aid worth 100 million euros. The bill in question is a draft law on approving the Government's emergency ordinance no. 7/2014 for the establishment of the financial mechanism necessary to enforce the Agreement between Romania's Government and the Government of the Republic of Moldova on implementing the ...

State's shares in Transelectrica, Transgaz, managed by Government's Secretariat General

Monday, April 14, 2014

The Senate approved on Monday that the Government's Secretariat General (SGG) manage the shares held by the state in the National Electricity Transport Company 'Transelectrica' SA and the National Natural Gas Transport Company 'Transgaz' SA Medias.'Under the draft law, exercising the rights and meeting the obligations arising from the capacity of state's shareholder in the two companies is transferred from the Ministry of Public Finance ...

Euronet buys ATMs from Romania's Banca Comercial Carpatica

Monday, April 14, 2014

Euronet Services SRL, a Romanian subsidiary of Euronet Worldwide, Inc. (EEFT), announces the acquisition of 200 ATMs from Banca Comercială Carpatica, doubling its current ATM fleet in Romania to 400 devices. The bank has also signed an agreement to participate in Euronet's shared ATM network and a contract for point of sale (POS) acquiring and card issuing services. Euronet is the largest pan-European independent ...

World Economic and Financial Surveys :World Economic Outlook (WEO)

Monday, April 14, 2014

* Recovery Strengthens, Remains Uneven   Global activity has broadly strengthened and is expected to improve further in 2014–15, according to the April 2014 WEO, with much of the impetus for growth coming from advanced economies. Although downside risks have diminished overall, lower-than-expected inflation poses risks for advanced economies, there is ...

Remittances to developing countries to stay robust this year, despite increased deportations of migrant workers, says WB

Monday, April 14, 2014

International migrants from developing countries are expected to send $436 billion in remittances to their home countries this year, despite more deportations from some host countries, says the World Bank’s latest issue of the Migration and Development Brief, released Friday. This ...

Romania: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding

Monday, April 7, 2014

  Romania: Letter of Intent   Bucharest, March 5, 2014   Mme. Christine ...

Romania: First and Second Reviews Under the Stand-By Arrangement and Request for Waiver of Nonobservance of a Performance Criterion, Modification of Program Conditionality, and Rephasing of the Availability Dates of Purchases

Monday, April 7, 2014

A 24-month Stand-by Arrangement (SBA) with access of SDR 1,751.34 million (about €1.98 billion, 170 percent of quota) was approved by the Executive Board on September 27, 2013. The second and third tranches of SDR 194.7 million each (cumulative SDR 584.1 million) would be made available upon completion of the first and second reviews. Balance-of-payments assistance of €2 billion is also available from the European Union ...

Reuters: Romania hires banks for euro bond

Monday, April 7, 2014

Romania has hired four banks to lead manage a euro-denominated bond, according to several market sources. The sovereign, rated Baa3/BB+/BBB-, has mandated Citigroup, ING, Societe Generale, and UniCredit to arrange ...

BCR,BRD,Raiffeisen and UniCredit Tiriac Bank sets up the first banking employers assembly in Romania

Monday, April 7, 2014

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The BCR and BRD, Raiffeisen Bank and UniCredit Tiriac Bank with assets of over 45% in the banking system, sets up the first banking employers’ assembly in Romania, under way of being recorded, which will promote the interests of its members to the authorities. ...

Garanti Bank: ' In 2013 Romania's inflation rate was lower than the initial forecast'

Monday, April 7, 2014

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Last year was full of pleasant surprises for Romania in terms of macroeconomic indicators, but this did not instantly translate into the population's living standards, Garanti Bank Romania CEO Ufuk Tandogan told the Romania - Turkey Economic Forum organized this Friday in Bucharest.'In 2013 Romania's inflation rate was lower than the initial forecast, exports increased, the VAT rate for particular products went down and foreign ...

Significant growth of government expenditure hidden in GDP

Monday, April 7, 2014

Romania's Gross Domestic Product 'hides' an important increase of government expenditure, especially towards the year-ends, the Executive Director of the Romanian Economic Society (SOREC) Cristian Paun told Agerpres on Friday.'Taking a closer look at the components of the GDP, we see a hidden illusion. It hides a significant growth of public expenditure, of government expenditure. Especially towards the year-ends, we have an increase of ...

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