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Financial & Banking

MFP signed with Transearch International the contract for the selection of the new leadership of CEC Bank

Monday, October 24, 2016

The ministry of public finances signed with the company SC Transearch International the contract worth 80,100 lei without VAT for the selection of the 9 members of the Board of CEC Bank, a press release of the ministry says. ‘The ministry of public finances signed with SC Transearch International the contract for the selection of the 9 members of the Board of CEC Bank. The purpose is that of making more efficient, developing and putting to value ...

ING distributes mPOS device to Romanian merchants

Monday, October 24, 2016

Businesses in Romania can now process card payments in an easy, low-cost way, thanks to a new mobile payments device launched by ING recently, finextra.com reads. The device is light, fits in a pocket and connects via Bluetooth to a mobile phone app that enables both debit and credit cards payments to be made and processed.Merchants no longer require expensive data contracts and telephone and modem connections to operate bulky mobile card ...

Romanian IT group Gecad turns into investment fund

Monday, October 24, 2016

Romanian IT group Gecad said on Friday it is transforming itself into an investment fund and is changing its name into Gecad Ventures, seenews.com reads. "Gecad Ventures is a natural step in the journey we started as an investment fund. The sectors, in which we are interested to invest and the attention to early-stage projects remain unchanged, we just talk of a new positioning, for which an investment fund is more suitable," Gecad's founding partner ...

EIB Group approves EUR 540 mln loan deal for SMEs in Romania

Monday, October 24, 2016

The EIB Group (European Investment Bank and European Investment Fund) signed an agreement with the Government of Romania and the European Commission for the implementation of the SME Initiative in Romania, which will support SMEs with combined financing worth EUR 540 million, business-review.eu informs. Romania is contributing EUR 100 million from its European Structural and Investment Funds to this EU ...

Directors with the Public Finance Ministry and the National Tax Administration Agency are prosecuted for 600 million lei tax evasion

Monday, October 24, 2016

Several directors at the time with the Public Finance Ministry (MFP) and the National Tax Administration Agency (ANFP) are prosecuted under court supervision in the alcoholic beverages criminal case of about 600 million lei tax ...

ASF: cap on the compensation payable for bodily injury and death will rise as of 2017

Monday, October 24, 2016

The cap on the compensation payable for bodily injury and death will rise as of 2017 to 6.07 million euro from 5 million euro in 2016, according to a draft auto insurance regulation posted on the website of the Financial Supervisory Authority (ASF ...

Romania's Fondul Proprietatea sells 6.4% stake in OMV Petrom

Monday, October 24, 2016

Romanian investment fund Fondul Proprietatea [BSE: FP] sold a 6.4% stake in oil and gas group OMV Petrom [BSE:SNP] for 682 million lei ($166 million/151 million) in four separate transactions, data from the Bucharest Stock Exchange (BVB) showed quoted by seenews.com. Before Monday's sale Fondul Proprietatea owned 19% of OMV Petrom. Fondul Proprietatea sold most of the shares, 2.87 billion, for 0.21 lei ($0.5/0.5 euro) ...

Fine collections this year of ANAF, 30 percent higher than last year

Monday, October 24, 2016

Fine collections this year of the Anti-fraud department of the National Tax Administration Agency (ANAF) are 30 percent higher than last year, head of the institution Dragos Doros told a specialist conference on Tuesday. Doros said that ...

Bloomberg: Romania Parliament Approves Law to Convert Swiss-Franc Loans

Monday, October 24, 2016

Legislation allows conversion into lei at historical rates Banks may incur losses of $586 million, central bank says Romanian lawmakers approved a bill allowing the ...

ANAF has so far this year realised assets worth 31 million euro from judicial execution

Monday, October 24, 2016

The National Tax Administration (ANAF) has so far this year realised assets worth nearly 140 million lei (rd 31 million euro) from judicial execution, ANAF Chairman Dragos Doros told a Deloitte conference in Bucharest on ...

Almost one billion euro was taken out of Romania over the last five years

Monday, October 24, 2016

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Almost one billion euro was taken out of Romania in the last five years and with this money we could have made many projects, stated on Friday Ionut Misa general manager of the General Department of Administration of Big Tax-payers in National Tax Administration (ANAF) when referring to the transfer prices. " ‘Only from 5 companies which ...

Bloomberg: Romanian Central Banker Sees No Immediate Need to Tighten Policy

Monday, October 17, 2016

Too early to worry about overheating, deputy governor says Voinea sees Romania as underrated given its fundamentals There’s no need at the moment for tighter monetary policy in Romania because the economy is experiencing the “best macroeconomic picture” since the collapse of communism and growth hasn’t become unsustainable, central bank ...

BNR official:there are no reasons to increase the interest rate

Monday, October 17, 2016

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Daniel Daianu, member in the Board of the National Bank of Romania (BNR) stated on Friday that he sees no reasons to increase the interest rate, even if the country is close to getting out of the negative inflation, Reuters says. ‘We have inflationist pressure following the increase of salaries in the public and private sector; these pressures are partially compensated by the gains in productivity. That is why, we appreciate that it is not the ...

BNR: Balance of payments and external debt - August 2016

Monday, October 17, 2016

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According to BNR – the central bank, in January - August 2016, the balance-of-payments current account posted a deficit of EUR 2,110 million, compared with EUR 939 million in January - August 2015; the goods balance and primary income balance recorded higher deficits, by EUR 1,333 million and EUR 80 million respectively, while the surplus on secondary income stood EUR 268 million lower and that on services balance widened by EUR 510 ...

Jan-Aug FDI into Romania up 17.4% y/y

Monday, October 17, 2016

Foreign direct investment (FDI) into Romania increased 17.4% on the year to 2.741 billion euro ($3.02 billion) in the first eight months of 2016, the central bank, BNR, said on Friday, quoted by seenews.com. Out of the total, equity investment amounted to 2.379 billion euro and inter-company lending recorded a net value of 362 million euro, the BNR said in a statement. Last year, FDI into Romania increased 25.3%, ...

Almost 352 million lei collected in nine months of 2016 from the large taxpayers

Monday, October 17, 2016

 Tax collection from the large taxpayers grew in the nine months of 2016 by almost 352 million lei, to 63.21 billion lei, on Friday announced the National Tax Administration Agency (ANAF) in a press ...

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 ...

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