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Financial & Banking

Small and medium companies can access overall credits of 20 million lei through accord between Romanian Bank and EximBank

Monday, January 23, 2017

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Small and medium companies can access credits of 20 million lei for investments or for current activities following the accord signed by Banca Romaneasca and EximBank, a press release shows. “Through this accord, Banca Romaneasca benefits from a level of 20 million lei from EximBank. Clients of small and medium companies backed by Banca Romaneasca have at their disposal a maximum individual guarantee of 1.5 million lei and the maximum percentage ...

CCR postpones again conversion law in Swiss francs

Monday, January 23, 2017

The Constitutional Court (CCR) decided on Wednesday to postpone for February 7 its decision on the conversion law from Swiss francs into lei at a historic exchange rate. CCR president Valer Dorneanu said the problem had to be analysed in detail. It is the second time when a decision in this case is postponed. The first one was in November 2016. “We postpones it for that magical formula, for the in-depth examination of the ...

Two banks in Romania could be sold this year

Monday, January 23, 2017

At least two banks operating on the Romanian market could be taken over this year, said Radu Dumitrescu, partner in the transaction support department at Deloitte Romania. The banks could be acquired either by players that are already active in the local market or by new investors. Both options are possible, according to Dumitrescu, reports local Economica.net. Romania is also one of the most active markets in the region for ...

UniCredit keeps Romania 2017 GDP growth fcast at 3.4%

Monday, January 23, 2017

Romania's economy will expand by 3.4% in 2017, UniCredit said in its January 2017 CEE Quarterly Report, confirming its previous forecast made in September. UniCredit projects economic growth of 3.3% in 2018 in Romania, UniCredit said quoted by seenews.com. The bank estimated that Romania posted a 4.5% Gross Domestic Product (GDP) growth in 2016, up from 4.4% projected in September. According to provisional data from the Romanian statistical office INS, ...

Romania’s operational leasing market reached 60,000 units at the end of 2016

Monday, January 23, 2017

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Romania’s operational leasing market reached 60,000 units last year, according to the estimations from the beginning of the year, which is a growth of 8 percent compared with the end of 2015, according to the Association of Operational Leasing Firms (ASLO), business-review.eu reads. In 2016, around 14,400 cars were registered by the operational leasing companies, holding a  13.3 percent share of total new ...

Euroins Romania acquires non-life portfolio of ATE Insurance Romania

Monday, January 23, 2017

Romanian insurer Euroins has reached an agreement to acquire the non-life insurance portfolio of ATE Insurance Romania, a subsidiary of Greece’s Piraeus Bank, Euroins’ Bulgarian-based parent Eurohold Bulgaria said on Friday, seenews.com informs. "ATE Insurance's non-life insurance portfolio is dominated by non-motor insurance policies and the acquisition is in line with our goal to diversify Euroins Romania's product portfolio and business ...

Negritoiu, CEC bank's board member ?

Monday, January 23, 2017

Misu Negritoiu, the current president of the Financial Supervisory Authority (ASF), has applied for one of the board member positions at state-owned lender CEC Bank, according to sources in the market and the government, ...

Payments rejected by banks have rose by 9.45 pct in December 2016

Monday, January 23, 2017

Payments by instruments rejected by banks have rose by 9.45 pct in December 2016 as compared to November 2016, from 314.4 million lei to 344.1 million lei, according to data of the Payment Incidents Register of the National Bank of Romania (BNR, the central ...

ANAF collected last year 99.8 pct of its targets

Monday, January 23, 2017

 Vice-president of the National Agency of Fiscal Administration (ANAF), Doru Dudas declared on Wednesday that the institution he is heading collected last year 99.8 pct of its targets. ' "The ...

Reuters: FinMin says to reassess public debt strategy

Monday, January 23, 2017

Romania will need to reassess its public debt strategy to see whether potential U.S. policy changes will raise borrowing costs for dollar-denominated debt issues, in which case it could rely more on the domestic market, the finance minister said cited by Reuters correspondent. The ministry's debt management strategy for 2016-2018, which was updated last year, envisioned tapping bonds worth 2.5 billion euros ($2.65 billion) and $0.7 billion from foreign ...

Sobolewski: Capital markets in Central and Eastern Europe must be reformed to be more attractive

Monday, January 23, 2017

Capital markets in Central and Eastern Europe must be reformed to be more attractive for international players, said, on Tuesday, the Managing Director of the Bucharest Stock Exchange (BVB), Ludwik Sobolewski during the Central and Eastern European Forum. Sobolewski said that the capital markets in Central and Eastern Europe must be reformed in order to be more attractive for international players. He also said that he believes that this process started to ...

Minutes of the monetary policy meeting of the National Bank of Romania Board on 6 January 2017

Monday, January 16, 2017

The National Bank of Romania Board members present at the meeting: Mugur Is?rescu, Chairman of the Board and Governor of the National Bank of Romania; Florin Georgescu, Vice Chairman of the Board and First Deputy Governor of the National Bank of Romania; Liviu Voinea, Board member and Deputy Governor of the National Bank of Romania; Marin Dinu, Board member; Daniel D?ianu, Board member; Gheorghe Gherghina, Board member; Ágnes Nagy, Board member; and Virgiliu-Jorj Stoenescu, Board ...

Balance of payments and external debt – November 2016

Monday, January 16, 2017

In January - November 2016p, the balance-of-payments current account posted a deficit of EUR 3,441 million, compared with EUR 1,237 million in January - November 2015; the goods balance and primary income balance recorded higher deficits, by EUR 1,590 million and EUR 936 million respectively, the surplus on secondary income narrowed by EUR 309 million, while that on services widened by EUR 631 million. Non-residents' direct investment in Romania (estimates) ...

Sobolewski:Infrastructure is for investors wanting calm sleep, that's why they like Bucharest Airport

Monday, January 16, 2017

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The Bucharest Airports National Company (CNAB) should be listed on the stock market because air traffic will increase and the current capacity is insufficient, international investors already manifesting their interest to buy shares of this company, the director of the Bucharest Stock Exchange (BVB), Ludwik Sobolewski, says in an interview for AGERPRES. He ...

FinMin Stefan: Giving up on governance programme measures, out of question; new or increased taxes, ruled out

Monday, January 16, 2017

The provisions of the governance programme represent the legal norm and at the moment giving up any of the announced measures is out of the question, Public Finance Minister Viorel Stefan said on Saturday, underscoring that the alternative of introducing new taxes or increasing taxes is completely ruled out. "The provisions of the governance programme represent to us the legal norm at the ...

Bogdan Nicolae Stan, the new Chairman of the National Agency for Fiscal Administration

Monday, January 16, 2017

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Bogdan Nicolae Stan is the new Chairman of the National Agency for Fiscal Administration (ANAF), according to a decision of Prime Minister Sorin Grindeanu, published on Friday in the Official Journal of ...

ANAF: 088 form will disappear starting 1 February 2017

Monday, January 16, 2017

The 088 form, regarding the companies' registration for VAT purposes will disappear starting 1 February 2017, a release of the National Agency for Fiscal Administration (ANAF) sent on Friday informs. "According to the governance programme, one of the Government's objectives is to reduce taxpayers' excessive administrative tasks, therefore the ANAF analyzed the ...

NBR Board decisions on monetary policy

Monday, January 9, 2017

In its meeting of 6 January 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 maintain the existing levels of minimum reserve requirement ratios on both leu- and foreign ...

Ionut Dumitru, Raiffeisen Bank: the interest for loans will rise in 2017 but not for the deposits

Monday, January 9, 2017

Interest for loans will rise in the second half of the 2017 together with the increase of ROBOR and the newly offered loans will get slower increase, stated Ionut Dumitru head economist with Raiffeisen Bank. ‘We expect the National Bank of Romania keep the interest rate for the monetary policy unchanged at 1.75% until the last meeting of monetary policy of 2017, namely the one in November 2017. We think that the interest rates for the monetary ...

Debts on loans of over 20,000 lei rose by over 2 pct in November 2016

Monday, January 9, 2017

Debts on loans of over 20,000 lei granted by banks to customers rose by over 2 pct in November 2016 as compared to October, up to 25.726 billion equivalent lei, according to data of the Credit Risk Center within the National Bank, released on ...

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