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Financial & Banking

Craciun (BCR Pensions): Romanian state cannot keep competences in country by allocating resources

Monday, October 16, 2017

The Romanian state is not able to keep big competences in the country by allocating resources in order to cope with challenges we have , said Radu Craciun, president of BCR Pensions, at a conference. “We would not have such a problem if the state were a correct administrator of public resources. When I see that physicians from Romania emigrate in mass, I have a big question about the quality of state allocation of resources for the payment of ...

UniCredit Analysts: the National Bank could leave the exchange rate go down to 4.6 – 4.7 lei/euro

Monday, October 16, 2017

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  The National Bank of Romania ‘will allow a gradual depreciation of the leu, and the transition to the interval of trading of 4.6-4.7 will happen in Q1 of 2018’ anticipates in a report the analysts of the bank UniCredit. ‘The leu is overevaluated due to the capital flow which is going down and the increase of the single cost with the workforce. The  downward trend characteristic for the autumn months ...

S&P affirms Romania at BBB-/A-3 with stable outlook

Monday, October 16, 2017

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Standard & Poor's maintained Romania's rating at BBB-/A-3, with a stable outlook, and said that the country's budget and trade deficits will widen due to the consumption-focused growth, seenews.com informs. "Romania's procyclical budgetary stance is amplifying wage pressures in an already overheating economy. While wage convergence is desirable, pay increases that significantly outpace underlying productivity have historically led to boom-bust ...

EBRD invests in Romanian agribusiness enterprise

Monday, October 16, 2017

The European Bank for Reconstruction and Development (EBRD) and Agricover Holding SA have signed legal agreements confirming the bank’s intention to become a shareholder in the Romanian agribusiness company, world-grain.com informs.According to the agreement, the EBRD will invest RON 32 million ($8.278 million) in the company’s capital for a subscription to a 13% stake. The completion of the transaction is subject to statutory approvals and is expected ...

Fitch reconfirms the long-term ratings of Romanian lenders BCR, BT, BRD

Monday, October 16, 2017

Rating agency Fitch has reconfirmed the long-term default ratings of the local lenders BCR, Banca Transilvania, BRD Societe Generale and UniCredit Bank Romania with a stable outlook. It has increased the viability rating of BCR, romania-insider.com informs. These banks are well capitalized, generally have good coverage of bad credit provisioning and their non-performing loans ratios have declined over the ...

Romania c-bank likely to hike key rate in 2018 – Erste

Monday, October 16, 2017

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Romania's central bank will have to increase its key rate next year, as inflation is expected to pick up, Austria's Erste Group said on Wednesday, seenews.com informs. A pickup in inflation to a level above the upper end of the target band looks very likely in the second quarter of 2018, Erste Group analysts said in a short note on Romania. Romania's annual inflation rate rose to 1.8% in September, from 1.2% in August, ...

Bad Payers Still Causing Problems for Romanian Firms

Monday, October 16, 2017

 On average, business to business payments are made after 39 days in Romania (down from 41 days in 2016), after 37 days in the Czech Republic and 36 days in Poland.However, Romania has made giant strides in reducing the amount of time it takes for payments to be made, ...

300 firms have applied for the Value Added Tax (VAT) split payment mechanism

Monday, October 16, 2017

Fewer than 300 firms have applied for the Value Added Tax (VAT) split payment mechanism, until Tuesday morning, given that only in Bucharest 590 firms have benefited from consultancy, according to sources of The National Agency for Fiscal Administration ...

PwC: Romania records highest VAT collection deficit in EU

Monday, October 16, 2017

Romania remained the EU member state with the highest VAT collection deficit in EU in 2015, namely 37.2%, according to the European Commission, romania-insider.com informs. This means that the state’s VAT ...

Raiffeisen Bank: NPLs deals will continue in Romania as market matures

Monday, October 16, 2017

The transactions involving non-performing loans (NPLs) will continue on the local market, with prices ranging depending on the size of the portfolio, says Mihai Busuioceanu, vice president in the risk division of Raiffeisen Bank. Quoted by business-review.eu “It would be good to have in Romania to have an organized market for the sale of NPLs,” said Busuioceanu, during a press conference marking ...

PAD decreased by 3.5pct, reaching on September 1, 2017 the number of 1,660,916

Monday, October 16, 2017

The number of active compulsory home insurance policies (PAD) decreased by 3.5pct, having reached on September 1, 2017 the number of 1,660,916, compared to 1,721,434 PAD policies active on September 30, 2016, according to the statistics of the Natural Disaster Insurance Pool (PAID), the company ...

BNR Board decisions on monetary policy:1.75 percent per annum

Monday, October 9, 2017

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* In its meeting of 3 October 2017, the Board of the National Bank of Romania (BNR)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 narrow the symmetrical corridor of interest rates on theBNR’s standing facilities ...

International reserves – September 2017

Monday, October 9, 2017

On 30 September 2017, the National Bank of Romania’s foreign exchange reserves stood at EUR 33,320 million, compared to EUR 34,955 million on 31st August 2017. During the month, the following flows have taken place: EUR 965 million worth of inflows in the form of changes in credit institutions’ foreign currency-denominated required reserves, inflows into the Ministry of Public Finance’s ...

Bucharest stock indices rise in lower turnover

Monday, October 9, 2017

Bucharest stock indices rose on Friday in lower turnover, Bucharest Stock Exchange (BVB) data showed quoted by seenews.com. The total equity turnover of the BVB fell to 27.7 million lei ($7.1 million/6 million euro) from 38.7 million lei on Thursday. Lender Banca Transilvania [BSE:TLV] rose 3.13% at 2.31 lei in the day’s largest turnover of 7.35 million lei. Blue-chip natural gas producer Romgaz ...

Reuters: Hungary's OTP Bank aims to boost Romanian market share to up to 8 pct - report

Monday, October 9, 2017

Hungary’s OTP Bank aims to boost its market share in Romania to up to 8 percent, OTP Group Chief Executive Sandor Csanyi was quoted as saying in a media report on Friday, Reuters correspondent . “In all the countries we are operating in, our target is a market share of 10 percent,” Csanyi was quoted as saying by daily Ziarul Financiar. “However, I don’t think we will reach 10 percent in Romania in the next 20 ...

Raiffeisen Bank: inflation to reach 4 percent in mid-2018

Monday, October 9, 2017

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There's an obvious upward trend of the Romanian interbank offered rate ROBOR, and the indicator might surpass 2 percent when inflation reaches 4 percent in mid-2018, said Raiffeisen Bank chief economist and Fiscal Council president Ionut Dumitru. "ROBOR's upward trend was very clear, but the recent build-up of events and the very rapid growth are the effect of short-term factors that have sharpened this trend," said Raiffeisen Bank's chief ...

BNR's Isarescu: Litigation costs burden clients and banks alike

Monday, October 9, 2017

Litigation costs affect clients and banks alike, and for lower costs of loans, we have to take them into consideration, Governor of the National Bank of Romania (BNR) Mugur Isarescu told a conference called "Alternative resolution of financial and banking litigations". "Law and the institution combined in Romania make it that before the courts step in or even to avoid their trail, if banks and clients are in litigation, they are equally entitled to ...

European Commission proposes far-reaching reform of the EU VAT system

Monday, October 9, 2017

The European Commission has today launched plans for the biggest reform of EU VAT rules in a quarter of a century. The reboot would improve and modernise the system for governments and businesses alike. Overall, over€150 billion of VAT is ...

BVB: value of transactions with shares exceeded 1.8 billion euros at end-September

Monday, October 9, 2017

The value of transactions with shares on the Bucharest Stock Exchange (BVB) exceeded 1.8 billion euros at end-September, recording an advance of over 30pct over the first nine months of last year, reads a press release issued by the operator of the capital market sent on last Thursday. "Investors traded shares worth more than 300 million euros last month, up 70pct from August 2017. The average daily trading value on the share segment was 14.7 million euros in ...

CEC Bank posted a three-quarter pre-tax profit of about 203.9 million lei

Monday, October 9, 2017

CEC Bank posted a three-quarter pre-tax profit of about 203.9 million lei, the bank announced on Thursday. With a net balance of 28,595.9 million as of September 30, 2017, up 1.54 percent from the end of 2016, CEC Bank managed to increase its market share from 7.16 percent by total bank assets as of December 31, 2016 to 7.23 percent as of June 30, 2017, ranking seventh in the Romanian banking system. "The results recorded in the first nine ...

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