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Financial & Banking

Net assets of local open-end investment funds increased 1.6 percent in September

Monday, October 17, 2016

The net assets of local open-end investment funds increased 1.6 percent in September to almost 22 bln lei, the Fund Managers Association (AAF) announced in a release on ...

Romania's deflation deepens to 0.6% y/y in September

Monday, October 17, 2016

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Romania's annual consumer price deflation accelerated to 0.6% in September from 0.2% in August, data from the statistics office, INS, showed on Tuesday. Food prices were up 0.46% on the year in September, while non-food prices fell 1.06%, INS said in a statement. Prices in the services sector went down 1.17%. On a month-to-month basis, the consumer price index (CPI) edged down 0.11% in September, with food prices down 0.58%, non-food charges ...

Subscribed share capital of Fondul Proprietatea is cut by over 605.3 million lei

Monday, October 17, 2016

 The subscribed share capital of Fondul Proprietatea (FP, Property Fund) is cut by over 605.3 million lei, to 8.56 billion lei, pursuant to the cancellation of 712,171,156 own shares acquired by Fondul Proprietatea S.A. during the sixth buy-back programme, says an information issued on the Bucharest Stock Exchange (BVB) ...

Financial expert: Deutsche Bank collapse ‘would probably trigger new global financial crisis’

Monday, October 17, 2016

Deutsche Bank is in crisis mode and its collapse could signal the beginning of a whole new set of economic woes for Germany, the EU and even the entire global financial system, expert Michael Schröder told EurActiv Germany. But he insists that state aid is not the ...

Minutes of the monetary policy meeting of the National Bank of Romania Board on 30 September 2016

Monday, October 10, 2016

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 ...

MFP distributes to the banks, since Monday the ceilings for Prima Casa: Alpha Bank and Intesa Sanpaolo are no longer on the list

Monday, October 10, 2016

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The supplementary ceiling allocated to the programme Prima Casa worth 500 million lei, will be distributed starting with Monday, to the commercial banks according to a press release of MFP sent on Friday. ‘The ministry of public finances (MFP) approved the allocation to the banks of 500 million lei, the total sum with which the guarantee ceiling for the programme Prima Casa was supplemented. The banks which received ceilings are : Banca ...

Reuters: Romania set to approve CHF loans conversion at historical rates-MPs

Monday, October 10, 2016

 Romania's budget, finance and legal committees are likely to overwhelmingly approve on Monday a bill to help Swiss franc borrowers convert their mortgage loans in local leu currency at historical rates, deputies said on Friday. Over the past weeks there have been debates on converting loans including one ...

Service Sector Reforms Could Boost EU Productivity by Average of 5%, Says World Bank

Monday, October 10, 2016

 While EU growth is projected to remain low, with limited scope for quick policy fixes, a new World Bank report says reforming the service sector could significantly boost incomes and convergence, a statement sent to ACTMedia reads. The World Bank EU Regular Economic Report (EU RER) projects reforms could increase productivity by an average of 5 percent, providing more and better jobs, stimulating investments, and deepening ...

Romania plans 3.5 bln lei (782 mln euro) domestic debt issuance in Oct

Monday, October 10, 2016

Romania's finance ministry said on Thursday it plans to auction 3.5 billion lei ($874 million/782 million euro) in government securities in October, as well as to sell an additional 405 million lei in non-competitive offers, seenews.com reads. The finance ministry plans to hold one tender for 800 million lei in one-year T-bills and six auctions for T-bonds worth a combined 2.7 billion lei, with outstanding maturities ranging between 2.3 and 14.9 ...

Romania sells below target 110.5 mln lei (24.6 mln euro) in 2031 T-bonds

Monday, October 10, 2016

Romania sold on Thursday 110.5 million lei ($27.6 million/24.6 million euro) of Treasury bonds maturing on September 24, 2031, below its target of 200 million lei, central bank data showed quoted by seenews.com. The average accepted yield on the bonds was 3.63%. Demand exceeded supply more than three times. The issue will be reopened on Friday when the finance ministry hopes to raise an additional 30 million lei in a ...

ING sees 'significant risk' of Romania's 2017 budget deficit exceeding 3%/GDP

Monday, October 10, 2016

Romania's budget gap could widen beyond 3% of GDP next year if the parliament goes on with adopting populist legislation, while end-2016 deflation is now seen at 0.4%, compared to a previous 0.8%, ING Bank Romania said on Thursday, seenews.com informs. "With two months to go until the general elections, several populist initiatives are in various stages of the parliamentary approval process, most of which will have a permanent impact on state budget ...

BVB introduces a new set of rules for the BET and BET-TR indices

Monday, October 10, 2016

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The Bucharest Stock Exchange (BVB) introduces a new set of rules for the BET and BET-TR indices, so that they reflect the performance of the most traded companies listed on BVB, as well as a watchlist of eligible companies. The Stock Exchange ...

Stock transactions go up 3.11 percent in first 9 months on Bucharest Stock Exchange main segment

Monday, October 10, 2016

The value of stock transactions conducted on the main segment of the Bucharest Stock Exchange (BVB) went up 3.11 percent in the first nine months of this year compared with the same period of 2015, to about 6.33 billion lei, reveal the data with the capital market operator. In September this year, the total value of transactions exceeded 1.23 billion lei, an ...

ARB head: More severe filters for banks’ loans in Romania according to new regulation

Monday, October 10, 2016

The new regulation regarding the loans for individuals adopted by the National Bank of Romania (BNR) introduces more severe regulations and filters for banks regarding the loans, says the executive president of Romanian Banks Association (ARB), Florin Danescu, business-review.eu reads. The regulation was published on the Official Gazette and needs to be applied by banks until the end of this year. „The regulation is ...

IMF raises Romania GDP growth forecast to 5% for 2016, 3.8% for 2017

Monday, October 10, 2016

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The International Monetary Fund (IMF) said on Tuesday it expects Romania's real GDP growth to reach 5% in 2016 before it decelerates to 3.8% in 2017, making the country Europe's top performer, seenews.com reports. In its previous forecast in April, the IMF said it expects Romania's real GDP growth to reach 4.2% in 2016 and 3.6% in 2017. Romania's consumer prices are seen falling 1.5%  in 2016 before rising 1.7% in ...

Payments on loans in excess of 20,000 lei on default advanced 0.96 percent in August 2016

Monday, October 10, 2016

Payments on loans in excess of 20,000 lei on default advanced 0.96 percent in August 2016 on a monthly basis to 25.662 billion lei equivalent, according to data with the Central Credit Register with the National Bank of Romania (BNR) released on ...

Individuals having more than 30 days overdue payments to banks and NBFI increased by 4,776 in August

Monday, October 10, 2016

The number of individuals recorded at the the Credit Bureau as having more than 30 days overdue payments to banks and non-bank financial institutions (NBFI) increased by 4,776, to 750,290 in August compared to the level recorded in June, the National Bank of Romania (BNR) data ...

ASF: 16 insurers registered combined losses of RON 735 mln in Romania last year

Monday, October 10, 2016

The Romanian insurance market closed last year in the red, as 16 firms registered overall RON 735 million losses, says the data of the Financial Supervision Authority (ASF) quoted by business-review.eu. The profit of the other 20 insurance companies amounted to RON 466.97 million, says News.ro. The biggest losses were registered by the big companies on the Mandatory Insurances on Cars Civil Liability (RCA), where Euroins ...

Foreign Direct Investment in Romania in 2015

Monday, October 3, 2016

The statistical survey regarding foreign direct investment (FDI) was conducted by the National Bank of Romania and the National Institute of Statistics. The major goal of the statistical survey was to determine the FDI stock as of 31 December 2015 and the FDI flows during the 2015 financial year into the resident direct investment enterprises, a BNR's statement reads. The FDI ...

The Board of the National Bank of Romania decided to keep unchanged the monetary policy rate at 1.75 percent per annum

Monday, October 3, 2016

In its meeting of 30 September 2016, 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 requirements ratio on foreign exchange-denominated liabilities of credit institutions to 10 ...

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