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Financial & Banking

State Secretary Misa: We hope to complete the Economic Code of Romania in April

Monday, February 20, 2017

Speaking at a conference on Wednesday, State Secretary with the Ministry of Finance Ionut Misa said the executive hoped the Economic Code will be completed in April, despite a tight deadline, business-review.eu reports. “We hope to complete the Economic Code, which will include the Fiscal Code, the Code of Fiscal Procedure, the Law on the Creation of Companies, Law of Tax Evasion and all ...

Fitch upgrades Garanti Bank Romania rating outlook

Monday, February 20, 2017

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International rating agency Fitch Ratings upgraded Garanti Bank Romania’s outlook to stable, and confirmed its ratings, business-review.eu informs. As such, the bank’s Long Term IDR was confirmed to ‘BBB-(Investment grade)‘, its Short Term IDR, to ‘F3’, its Support Rating to ‘2’, and its Viability Rating to ‘b+’. Fitch emphasized the strategic importance of ...

ANAF’s January tax collection rate from large contributors stands at 121 percent

Monday, February 20, 2017

The National Agency of Fiscal Administration (ANAF) doesn’t have at the moment issues in collecting taxes and contributions despite its IT systems being affected by glitches, business-review.eu informs .. Moreover, it even exceeded its revenues from big tax payers in January, said the Public Finance Ministry, Ionut Misa. „From big tax payers ANAF succeeded to get a tax rate level of 121 percent in January, so at the moment there is no risk ...

BVB registered a net profit of RON 7.87 million in 2016

Monday, February 20, 2017

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The Bucharest Stock Exchange (BVB) registered a net profit of RON 7.87 million in 2016, an increase by 19pct compared to the previous year, shows a press release published on its own ...

BRD-Groupe Societe Generale, a pre-tax profit în 2016 by 62 percent higher than în 2015

Monday, February 20, 2017

 BRD-Groupe Societe Generale reported a pre-tax profit of 863.319 million lei for 2016, by 62 percent higher than in the previous year; the net profit was 728.281 million lei, up 63 percent, shows preliminary data sent to the Bucharest Stock Exchange on Thursday. Net interest income totaled 1.481 bln lei, while fees income amounted to 737.021 ml lei. Operating revenues stood at 2.634 bln lei, and the net operating profit was 1.324 bln ...

Poland’s Kaczynski warns two-speed Europe leads to ‘breakdown’

Monday, February 13, 2017

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The powerful head of Poland’s ruling party Wednesday (8 February) warned that any moves toward a two-speed European Union would lead to the bloc falling apart, EurActiv.com reads. Jaros?aw Kaczy?ski told Polish media that a so-called two-speed Europe would lead to the “breakdown, and in fact the liquidation, of the European Union in its current sense”. German Chancellor Angela Merkel said last week that ...

The Court of accounts: the government needs to make a negative rectification both in July and in November

Monday, February 13, 2017

The vice-chairman of the Court of Accounts Vasile Cosmin Nicula stated on Wednesday that from the data received at the first and the second budgetary amendment, made by the Ciolos government they had to be negative, stating that the representatives of the Court are still in control at the MFP and the regional directions. ‘From the data we have from the ministry of finances, the respective prognosis of the income and the programming of incomes in ...

BNR: Board decisions on monetary policy - monetary policy rate at 1.75 percent per annum

Monday, February 13, 2017

* In its meeting of 7 February 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 maintain the existing levels of minimum reserve requirement ratios on both leu- and foreign ...

Reuters: Romania c.bank leaves rates steady amid political turmoil

Monday, February 13, 2017

 Romania's central bank left its benchmark interest rate unchanged on Tuesday at a record low of 1.75 percent, as expected, maintaining a cautious stance after street protests forced the government to ditch a contested decree, Reuters informs. Consumer prices fell by an expected 0.5 percent on the year in December and have been in negative territory throughout 2016 following cuts in value-added tax and lower energy prices. The central bank targets ...

Reuters: Greece's Eurobank looking for strategic partner for Bancpost- sources

Monday, February 13, 2017

Greek lender Eurobank is looking for a strategic partner to buy a stake in its fully-owned Romanian unit Bancpost as part of moves to reduce its overall exposure in non-Greek assets, sources at the bank told Reuters on Friday. "We have appointed two advisors to search for a strategic partner to acquire a stake in Bancpost. This would help the bank reduce its holding in Romania and deliver on commitments to reduce its exposure abroad," one of the ...

Isarescu: decision of CCR on the unconstitutionality of the draft law regarding the conversion of Swiss franc loans is correct

Monday, February 13, 2017

The decision of the Constitutional Court on the unconstitutionality of the draft law regarding the conversion of Swiss franc loans is correct, said on Tuesday the Governor of the National Bank of Romania (BNR) Mugur Isarescu, in a press ...

BNR: Individuals registered at the Credit Bureau increased by 20,496 to 635,844 in December

Monday, February 13, 2017

The number of individuals registered at the Credit Bureau with over 30-day overdue debts to banks and non-banking financial institutions (NBFIs) increased by 20,496 to 635,844 in December, compared to the level recorded in November, the National Bank of Romania (BNR) data ...

GfK: Economic estimates in Romania are moderate despite the good financial conditions

Monday, February 13, 2017

Although the Romanian industry has shown a significant growth in 2016, in the fourth trimester of the year the economical assessments regarding the Romanian consumers decreased with almost 8 point comparing to the same period of 2015, according to GfK’s consumer climate, business-review.eu reads. The indicator stopped at 3 points in December, in contrast ...

Lazea (BNR): Listings of private companies cannot ensure cash for promotion on emerging markets

Monday, February 6, 2017

Successful listings of private companies in the stock market cannot ensure the necessary cash to promote the status of emerging market, state companies being needed, said Valentin Lazea, chief economist at the National Bank of Romania, at a press conference. “The conditions which must be fulfilled in the Romanian stock market at present, to climb to the higher league in the emerging market is listing large, significant state companies in order to ...

Proprietatea Fund diminished its social capital with over 605 million lei

Monday, February 6, 2017

The Proprietatea Fund diminished its social capital with 605.345 milion lei, from 9.168 billion lei to 8.562 billion lei, according to a report made on Friday to the BVB. The social capital of FP diminishes with a number of 712,171.156 shares of nominal value of 0.85 lei. The diminishing of the social capital was made through the annulment of the shares of the ...

Transilvania Bank, The Proprietatea Fund and Transgaz, the biggest dividends on the stock market this year

Monday, February 6, 2017

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Transilvania Bank, the Proprietatea Fund and Transgaz could offer the biggest dividends in 2017, out of the big companies on the BVB, a press release of Tradeville shows. According to the report, the first place in the ranking of the big companies which offers attractive dividens is occupied by the Transilvania Bank. Acknowledged for its dividends in the previous years. The second place is occupied by the Proprietatea Fund, from ...

Nanu (MFP): We still continue with retail bonds, last year’s success

Monday, February 6, 2017

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The state wants to continue the issue of Fidelis bonds for the people, said Stefan Nanu, Treasury Director in the Ministry of Public Finance (MFP) on Thursday, at the conference “Stock market in Romania - the next capital developments.” “We will continue last year’s big success, retail bonds in the stock exchange. It was a successful issue and we still receive questions about the next issue. So we intend to continue this Fidelis ...

The Fiscal Council: the planned public budget for 2017 is based on an optimistic economic growth rate

Monday, February 6, 2017

“The budget project for 2017 deviates deliberately and substantially from the fiscal rules set up both by the national law and the European treaties signed by Romania. The Fiscal Code maintains its objections on the indulgence of the approach of the persistent placement of the budgetary deficit to the level of 3 percent of GDP,” said the Fiscal Council on Friday quoted by business-review.eu.. The Council also ...

BNR's Neagu: About 6,000 debt discharge notifications at 2016-end, 2pct of maximum admissible level

Monday, February 6, 2017

The number of debt discharge notifications reached 6,400 at the end of 2016 and the volume of notified loans stands at 1.8 - 1.9 billion lei, taking into account that the pace has dropped from over 1,000 files per month, in the first month since the Law was enforced, to 100 - 150 files per month, over the last months of 2016, Deputy Director of the Financial Stability Directorate within the National Bank of Romania (BNR) Florian Neagu stated on ...

BNR: International reserves – January 2017

Monday, February 6, 2017

On January 31st, 2017, the National Bank of Romania’s foreign exchange reserves stood at EUR 34,518 million, compared to 34,242 million on December 31st, 2016. During the month, the following flows have taken place: EUR 775 million inflows, representing inflows into the European Commission’s account, changes in the foreign exchange reserve requirements of the credit institutions, inflows into the Ministry ...

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