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Financial & Banking

FGA may approve over 30,000 payment requests for Astra creditors by end of year

Monday, December 19, 2016

FGA (Insurers’ Guarantee Fund) approved payment requests of 126 million lei until the end of November, for creditors of Astra Insurance. It is expected that the number of creditors will exceed 30,000 until the end of the ongoing year, FGA general manager Cristian Rosu declared on Thursday. On the average, FGA Approved 4,000 files monthly. By November 29, 2016, FGA paid 116 million lei to creditors of Astra Insurance ...

Visa survey: Contactless payments' share doubles in less than one year

Monday, December 19, 2016

The share of contactless payments in Romania increased from 10 percent of the total number of Visa card payments in early 2016 to 20 percent in Q3, and the network of POS accepting such payments expanded to nearly 50 percent of the total number of terminals, shows a survey by Visa payments network operator. "The rapid adoption of contactless payments is ...

Reuters: Romania central bank says global uncertainties threaten emerging economies

Monday, December 19, 2016

The risk of a sudden shift in investors' perception of emerging economies has risen and could put pressure on Romania's economy quickly, the central bank warned on Tuesday, stressing the need for prudent fiscal and monetary policies, Reuters correspondent reports. Its comments follow victory in a parliamentary election on Sunday for the leftist Social Democrats, whose promises to raise wages and pensions have raised fears ...

BNR : 10 million Romanians have bank deposits

Monday, December 19, 2016

Approximately 10 million Romanians have bank deposits, but 40 percent of them own on average 21 lei whereas 136 people have savings in Romanian banks worth 25.8 million lei, on average, as states the Report regarding financial stability presented on Tuesday by Vice Governor of the National Bank of Romania (BNR) Liviu Voinea. "The share of financial assets in the population net wealth has increased due to deposit growth. (...) Bank saving is characterized by ...

Nobel economics prize winner: ‘The euro was a mistake’

Monday, December 19, 2016

The European Union should embark on a process of decentralisation and return certain areas of decision making to the member states if it wants to survive and thrive, according to Nobel Memorial Prize in Economic Sciences winner Oliver Hart, ...

Eurostat: In 2015, Romania's inflows from personal transfers stood at 2.176 bn euro

Monday, December 12, 2016

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Money flows sent in 2015 by EU residents to a non-EU country, referred to as personal transfers, amounted to 31.3 billion euro, compared with 29.9 bn euro in 2014, the European Statistical Office announced on Friday. As inflows to the EU totalled slightly less than 11.0 bn euro in 2015, this resulted in a negative balance (-20.4 bn euro) for the EU with the rest of the world, ...

Individuals registered at the Credit Bureau with over 30-day outstanding debts dropped 83,439 în October

Monday, December 12, 2016

The number of individuals registered at the Credit Bureau with over 30-day outstanding debts to banks and non-banking financial institutions (NBFIs) dropped 83,439, to 611,613 in October, as against September 2016, reads a release by the National Bank of Romania ...

Romania to make tax break for reinvested profit permanent as of January 1

Monday, December 12, 2016

The tax exemption for reinvested profit will be available also after January 1 according to the Government ordinance no.84, which brings several changes to the Fiscal Code and Fiscal Procedure Code, that was published in the Official Gazette, business-review.eu informs. „The reinvested profit in technological equipments, computers and peripheric equipments, machinery and households, controlling and billing machinery, informatics programs as well ...

SMEs could access online credits of up to 200,000 lei from the OTP Bank Romania

Monday, December 12, 2016

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The Small- and Medium-Sized Enterprises (SMEs) in Romania, as a first for the local market, could access online credits of up to 200,000 lei (around 44,000 euros) from the OTP Bank Romania, through an overdraft with no real estate collateral, guaranteed by ...

Garanti Bank keeps 2016 Romania GDP growth fcast at 3.7%, expects BNR rate hike in 2018

Monday, December 12, 2016

Garanti Bank Romania, part of Turkish financial group Garanti, said on last Tuesday it expects Romania's economy to grow by 3.7% in 2016, confirming its previous forecast issued in August, seenews.com reports. Garanti also said that its expects Romania's central bank, BNR, to increase its key rate in 2018. The main drivers of the Romanian economy in 2016 will remain IT&C and business support activities, the bank said in its latest quarterly ...

Tax exemption on reinvested profit comes into force on 1 January 2017

Monday, December 12, 2016

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Tax exemption on reinvested profit on unlimited period comes into force on 1 January 2017, according to Government Ordinance (OG) No. 84, that is amending the Tax Code and the Tax Procedure Code, published in the Official Gazette. "The profit reinvested in technological outfitting, computers and peripheral tools, cash registers, control and billing machines, computer programmes, as well as for the right to use the software produced and/or purchased, based on ...

Risks and Returns: Managing Financial Trade-Offs for Inclusive Growth in Europe and Central Asia

Monday, December 12, 2016

The Risks and Returns: Managing Financial Trade-Offs for Inclusive Growth in Europe and Central Asia report argues that financial development must go beyond improving the access to - and pricing of - credit that can help build a broad-based and balanced financial system of both bank and non-bank markets. Emerging Europe and Central Asia, perhaps now more than ever, faces the urgent need for financial sector reforms. Reforms are needed not only to make ...

Financial Sector Reforms are Crucial for Sustained, Inclusive Growth in Europe and Central Asia

Monday, December 12, 2016

Financial sector development must go beyond improving access to bank credit. Financial systems should develop in a balanced way through both bank and non-bank subsectors, including capital markets, the insurance sector, and other nonbank financial institutions to properly support inclusive growth in Europe and Central Asia, says a new World Bank ...

Report on October released by the central bank's Credit Risk Office

Monday, December 12, 2016

Past due payments on bank loans higher than 20,000 lei dropped 0.89 percent this October from September to the equivalent of 25.265 bln lei, shows data of the central bank's Credit Risk Office released on Monday. In October, overdue payments accounted for ...

BNR: International reserves – November 2016

Monday, December 5, 2016

On November 30st 2016, the National Bank of Romania’s foreign exchange reserves stood at EUR 34,387 million, compared to EUR 34,347 million on October 31st 2016. During the month, the following flows have taken place: EUR 804 million inflows representing inflows into the European Commission’s account, changes in the foreign exchange reserve requirements of the credit institutions, inflows into ...

BVB: Listing of Medlife and other Romanian entrepreneurs on the exchange in next 18 months

Monday, December 5, 2016

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The listing of Medlife on the exchange in the next 18 months will also bring other Romanian entrepreneurs and I hope the market will back this transaction, the president of BVB, Lucian Anghel declared on Thursday at a debate on stock market development strategies for the Country Project initiated by the Presidential Administration. He also showed that entrepreneurs were asking brokers and BVB officials about successful ...

Romania’s private debt market could reach EUR 1 bln in five years, says Credit Value Investments

Monday, December 5, 2016

Credit Value Investments, the operator of the private debt market in Central and Eastern Europe, estimates that Romania’s private debt market will reach EUR 1 billion in five years and will make up for the deficit left by the withdrawal of bank loans, business-review.eu reads. In Romania, the term capital market is used to refer to stock market activity, whilst the true capitalisation of a company is the sum of capitalisation of funds from the ...

Romania's leasing industry could attain in 2017 its medium-term growth potential of 15 pct

Monday, December 5, 2016

 Romania's leasing industry could attain in 2017 its medium-term growth potential of 15 pct, while the value of financed assets could exceed 2.3 billion euro, president of the Financial Companies Association (ALB) Bogdan Speteanu said on Wednesday. "Speaking of expectations for the leasing industry in 2017, I would say that we will attain our growth potential. In recent years we came to the conclusion that a figure around 15 percent represents a ...

Visa to launch a program with offers for premium card owners

Monday, December 5, 2016

Visa will launch a program of premium offers for Romanians who own a Gold Visa Platinum or Infinite card, by which they can benefit from discunts and facilities from the local and foreign merchandisers, business-review.eu informs. The program has several pillars that covers a range of premium goods and services from the sectors preferred by Romanians for car payments, respectively tourism, entertainment, restaurants and ...

Further bank consolidation likely in Bulgaria, Romania, Slovenia – Fitch

Monday, December 5, 2016

Fitch Ratings said on Thursday it expects profitability challenges caused by regulatory and government actions to lead to further consolidation in the banking sector in the region of central and eastern Europe (CEE), particularly in Bulgaria, Romania and Slovenia, seenews.com informs. "These pressures mean that further consolidation is likely, particularly in fragmented markets, such as Bulgaria, Poland, Romania and Slovenia. In Bulgaria and Slovenia, ...

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