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Financial & Banking

Several banks and IFNs in Romania fined for illegal reporting of clients at the Credit Office

Monday, November 7, 2016

During September-October, The National Supervisory Authority For Personal Data Processing has developed several investigation that were started on its own initiatives or due to the complaints, which resulted in fines against banks and non-banking institutions, claiming that the lenders reported negative information about some of their clients at the Credit Office, while breaching legislation in this field, says a release of the authority, business-review.eu ...

MasterCard to introduce ‘pay by selfie’ to Romania in 2017

Monday, November 7, 2016

MasterCard could introduce to the Romanian market facial recognition payment services dubbed ‘pay by selfie’ in 2017, business-review.eu reads. The announcement was made by Mihaela Ciupala, Account Manager MasterCard Europe on Saturday at a press meeting.  The payment method is part of the latest trends in the security of online payments and represents the first widely available solution that eliminates ...

37 percent of Romanians open to biometric authentication methods

Monday, November 7, 2016

The payment system was trialled with pilot schemes in the US and Netherlands and received positive reactions, MasterCard representatives said. In the Netherlands, 9 out of 10 participants said they would prefer to use this method of authentication, while 75 percent of respondents believe the service will cut online fraud in a significant way. A share of 77 percent said they are willing to use the biometric authentication method based on facial features and 83 percent said ...

Ministry of Public Finance got RON 3.68 bln from banks this October

Monday, November 7, 2016

The Ministry of Public Finance has attracted RON 3.68 billion in October from the banks that are present on the Romanian market, below the amount it had targeted, business-review.eu reads. The MFP planned loans worth of RON 3.9 billion on the internal market in October, out of which RON 3.5 billion via certified auctions by treasury and state bonds and RON 405 million via supplementary sessions of uncompetitive ...

Opening speech by Mugur Isarescu, NBR Governor, at the conference: „Gaps and Economic Crises in South-East Europe: Present and Past”

Monday, October 31, 2016

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Distinguished guests, Ladies and gentlemen, Allow me to warmly welcome you to the National Bank of Romania. The board of the National Bank of Romania and I are glad to host, for the second time, the Annual Conference of the South-East European Monetary History Network. Five years ago, in March 2011, when NBR hosted this event for the first time, we expressed our interest and support. We firmly believe that a good understanding ...

Lucian Anghel: BVB will have access to the funds of 20-30 times higher when it comes an emerging market

Monday, October 31, 2016

The Stock Exchange Bucharest (BVB) will have access to funds of 20-30 times higher which the investors are willing to invest, the moment it gets to the statute of emerging market, from that of bordermarket which has now, stated on Saturday Lucian Anghel the chairman of the Board of BVB present at the Forum of Individual Investors. He reminded that at the end of September Romania was included officially in Watchlist, the list of countries which present ...

Romania's Fondul Proprietatea cuts capital

Monday, October 31, 2016

Romanian property restitution fund Fondul Proprietatea [BSE:FP] said on Friday it reduced its share capital from 9.32 billion lei ($2.25 billion/ 2.06 billion euro) to 9.16 billion lei by cancelling 161.6 million of its own shares, seenews.com reads. Following the capital decrease, Fondul Proprietatea's share capital will be divided into 10.85 million shares with a face value of 0.85 lei each, the fund said in a ...

Competition Council - a positive opinion on the RCA rates capping

Monday, October 31, 2016

The Competition Council issued a positive opinion on the Government Resolution draft providing the capping of the RCA mandatory motor vehicle liability insurance rate on a six-month period, Competition Council President Bogdan Chiritoiu told a specialist ...

84 million transactions in lei using online vehicles

Monday, October 31, 2016

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Over 84 million transactions in lei using online vehicles have been carried out in Romania so far in 2016, worth 1,600 billion lei, reveal data released on Friday by the Ministry of Communication and Information Society ...

Greek money boosts Bulgarian and Romanian banks

Monday, October 31, 2016

The flight of capital from Greek banks last year appears to have boosted bank deposits in Bulgaria and Romania, as Grexit fears, capital controls, the political uncertainty and the 23-day bank shutdown led many small and medium-sized enterprises to relocate from Greece to the other two Balkan states in the European Union, ekathimerini.com reports. The figures speak for themselves, as bank deposits in Bulgaria rose 10 percent last year while the ...

Govt challenges Swiss franc loan conversion law in Constitutional Court

Monday, October 31, 2016

Romania's government said on Tuesday it is challenging in the Constitutional Court (CCR) the Swiss franc loan conversion law adopted by the parliament, which aims to help Swiss franc borrowers convert their mortgage loans into local leu currency at historical rates, seenews.com reports. "The fact that we have sent this law to the Constitutional Court does not mean that we are against it. The government will take all necessary measures for the law to ...

Deputies' Chamber adopted the draft law providing for the elimination of over 100 non-fiscal taxes

Monday, October 31, 2016

The Deputies' Chamber on Tuesday adopted the draft law initiated by Social Democratic Party (PSD) leader Liviu Dragnea, providing for the elimination of over 100 non-fiscal taxes, also keeping the elimination of the radio-tv ...

MFP to update 2017-2019 fiscal budget strategy to fund Romania’s EU Council presidency

Monday, October 31, 2016

The Ministry of Public Finance (MFP) is to update the 2017-2019 fiscal budget strategy to include the funds needed for the preparation of Romania’s EU Council presidency in the first half of 2019, Anca Dragu, Minister of Public Finance announced, business-review.eu reports. “We have this fiscal-budget strategy for three years. We will update, for the 2017-2019 period, this fiscal budget strategy that continues to ...

Non-government loans went up 0.7 percent end September

Monday, October 31, 2016

At end-September 2016, non-government loans granted by credit institutions went up 0.7 percent (0.8 percent in real terms) from August 2016 to RON 216,846.6 million, according to the National Bank of Romania (BNR) data sent on ...

RON-denominated household deposits increased by 0.2 percent in September

Monday, October 31, 2016

Deposits of non-government resident customers added RON 33.8 million month on month to RON 258,529.6 million in September 2016, reveal the data release by the National Bank of Romania (BNR) on ...

Polish investment fund manager Pioneer Pekao starts investing in Romania

Monday, October 31, 2016

Polish investment fund manager Pioneer Pekao has started investing in Romanian financial assets, the Bucharest Stock Exchange BVB said on Wednedsay quoted by seenews.com. "The new investment funds of Pioneer Pekao TFI SA have also completed a direct fiscal registration with the Romanian authorities," BVB said in a press release. Pioneer Pekao, founded in 1992, is 51%-owned by Pioneer Global Asset Management and 49% by Bank ...

Bulgaria, Macedonia, Romania buck decline in NPL volumes in CESEE in 2015

Monday, October 31, 2016

 All countries in Central and Southeastern Europe except Bulgaria, Macedonia and Romania recorded a drop in NPL volumes last year, according to a report of European Bank Coordination "Vienna" Initiative quoted by seenews.com. Bulgaria, Montenegro and Romania are the most vulnerable countries with higher non-performing loan (NPL) ratios and lower NPL coverage ratios than the average recorded for Central and Southeastern Europe at end-2015, a NPL ...

The impact of elimination of the 102 taxes is of 1.6 billion lei, double against the draft estimate

Monday, October 24, 2016

The impact of the draft law which includes the elimination of 102 non-fiscal taxes starting with 1 January 2017 is of 1.6 billion lei, 0.2% of the GDP the double of the draft estimate, stated on Wednesday the minister of public finances Anca Dragu. She admitted the sum is double against that mentioned in the draft law. On the other hand, the minister of public finances mentioned that these taxes have no connection to the Fiscal ...

Lazea: Competitive Romania is the only strategy which has budget and prioritisation: the budget for 5 years is of 17 billion euro

Monday, October 24, 2016

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The programme ‘ Competitive Romania’ the strategy which means to ensure quick convergence of Romania to the countries in Western Europe has a budget for the first five years of implementation of 10.5% of GDP 17 billion euro respectively, considers the head economist of the National Bank of Romania(BNR), Valentin Lazea. ‘The main challenge is the convergence with the countries in Western Europe. To reach from 57% of the European ...

Dumitru (Fiscal Council): We are witnessing unsustainable economic growth

Monday, October 24, 2016

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Consumption tax cuts, included in the new Fiscal Code and ample salary increases of over 20% deteriorate macroeconomic balances, while budget deficit, which will be under the announced target this year because investment expenses were not made, show a clear trend to reverse fiscal consolidation, according to the president of the Fiscal Council, Ionut Dumitru. “We see an economic growth over potential, most probably unsustainable: GDP grows by ...

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