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Financial & Banking

IER study: Romania could be ready to adopt euro in 13 years from now

Monday, November 21, 2016

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Romania could join the Eurozone 13 years from now - if the country sustains the average growth rate of the last 15 years, according to a new study conducted by the European Institute of Romania, seenews.com reports. „If Romania would keep the growth pace from the 2000-2015 period, then it could reach the average of the Eurozone in 27 years, while 75% of the Eurozone average could be reached by our country in 13 years," says the study "Romania ...

Romanian economy might be ready to adopt euro in 13 years, says study

Monday, November 21, 2016

The country needs another 13 years before attempting to join the Euro zone based on the average growth rythm of the last 15 years, according to a new study coordinated by Daniel Daianu, member of the administration board at the National Bank of Romania, business-review.eu informs. „If Romania would keep the growth rythm registered in the 2000-2015 period, then it could reach the average of the Euro zone in 27 years, while 75 percent of the Euro ...

European Commission admits UNSAR complaint over RCA fees capping; Gov't has 10 weeks to reply

Monday, November 21, 2016

The European Commission admitted the complaint of the National Union of Romania's Insurers and Reinsurers (UNSAR) regarding the capping of the RCA mandatory liability insurance premium fees; the government has 10 weeks to respond, UNSAR said on Thursday. "The National Union of Romania's Insurers and Reinsurers received a letter from the European Commission announcing us that our complaint has been admitted and is being looked into. According to the ...

A third of the population in the villages own a banking account

Monday, November 21, 2016

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The rural environment of Romania is weakly adapted to the banking system, taking into consideration that only over one third (35%) of the population in this area own a banking account and many of the ones who stated that they don’t have a banking card say they had one but they don’t want to have a new one, according to a study presented on the occasion of the anniversary of 20 years of cards in Romania. ‘In Romania, over a third of ...

Euroins Romania's Jan-Oct premium income rises on third-party liability insurance

Monday, November 21, 2016

The premium income of Euroins Romania for the first ten months of 2016 rose by 21.3% year-on-year, reaching 158 million euro ($169 million), the insurer’s Bulgaria-based parent Eurohold [BUL:4EH] said on Wednesday. In October alone, Euroins Romania’s premium income increased 46.4% on the year to 18.7 million euro, Eurohold said in a filing with the Sofia bourse. Euroins Romania's premium income from third-party ...

NN registers gains on life insurance premiums in Romania and growing assets on pensions arm on nine months

Monday, November 21, 2016

NN Asigurari closed the first nine months of the year with assets worth RON 14.9 billion in Romania, out of which RON 11 billion on pillar II of mandatory pensions, says the data published on Thursday by the company quoted by business-review.eu. NN had assets worth RON 3.2 billion on life insurances segment at the end of September, RON 783.2 million on pillar II of facultative pensions and RON 11 billion on pillar II of mandatory pensions, says ...

ING plans to double staff in global software hub from Romania

Monday, November 21, 2016

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The ING Software Development Center in Romania, which handles the devleopment of banking solutions that are scalable at global level, will double its number of IT experts in the next two years to over 500, business-review.eu reads. At present, the hub is working with 11 subsidiaries within the group, developing apps for core banking, software ATM, financial markets, data management. Alongside the increase in the number of employees, the center will ...

Bulgarian and Romanian Tax Authorities will Fight VAT fraud

Monday, November 21, 2016

Bulgarian and Romanian tax authorities agreed ?n making inspections of the high risk goods at the border between the two countries, during a meeting in Veliko Turnovo, on 16 November, according to the National Revenue Agency quoted by novinite.com. The aim is to strengthen the cooperation between Bulgaria and Romania in the field of a Value- Added Tax (VAT) and in the field of high risk goods. Inspectors from both ...

FP recorded a 570.7 million lei net profit in the first months of 2016

Monday, November 21, 2016

Fondul Proprietatea (FP) recorded a 570.7 million lei net profit in the first months of 2016, up from losses of 432.4 million lei in the same period of 2015, show data disclosed by FP to the Bucharest Stock Exchange (BVB) on Tuesday. As for the global outcome, it reached 417 million lei at 30 September 2016. "Gross dividend income for the ...

RBI's 9-mo net profit in Romania drops on new mortgage default law

Monday, November 21, 2016

Raiffeisen Bank International (RBI) said on Wednesday its net profit from operations in Romania fell 25.3% to 64 million euro ($69 million) on the year in the first nine months due to charges related to a mortgage default law, seenews.com reports. "New legislation in Romania concerning private mortgage loans (“Walkaway Law”) gave rise to a charge of 39 million euro as a result of the expected take-up rate," RBI said in its ...

OTP Bank net profit in Romania down by 12 percent

Monday, November 21, 2016

The net profit of OTP Bank in Romania dropped by 12 percent year-on-year in the first nine months of 2016, to EUR 7.05 million, business-review.eu reads. Concurrently, revenues decreased by 10 percent, according to data published by the bank on Friday. In Q3, the net profit contracted year-on-year by EUR 1.9 million. Compared to Q2, the drop in net profit was 40 percent. According to OTP representatives, the drop in the net ...

Minutes of the monetary policy meeting of the National Bank of Romania Board on 4 November 2016

Monday, November 14, 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 ...

BSTDB chairman: the strategy for the period 2015-2016 focuses on the support of operations in the real economy

Monday, November 14, 2016

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The Black Sea Trade and Development Bank (BSTDB) recorded a considerable success in the development of the activities in Romania in 2015 and at present it represent little over 13.6% of the total portfolio of contracted operations, which places it third after Turkey and Russia, states the chairman of the Bank for Commerce and Development of the Black Sea (BSTDB) Ihsan Ugur Delikanli in an interview offered to ...

Payments with the card increased by 59% in the Romanian online shops up to 434.2 million euro (study)

Monday, November 14, 2016

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The value of the online payments with card in the 3DSecure system on Romanian online shops recorded an increase of 59% in the first three quarters of 2016 as compared to the same period of last year and at the end of September 2016 there were online payments worth over 434.2 million euro against 273,2 million euro processed in the first 9 months of 2015, according to a study. The number of tradings online through card increased significantly between ...

Romania's Oct deflation softens to 0.4% y/y

Monday, November 14, 2016

Romania's annual consumer price deflation decelerated to 0.4% in October from 0.6% in September, data from the statistics office, INS, showed on Friday, quoted by seenews.com. Food prices were up 0.49% on the year in October, while non-food prices fell 0.8%, INS said in a statement. Prices in the services sector went down 1.11%. On a month-to-month basis, the consumer price index (CPI) rose 0.43% in ...

Ludwik Sobolewski (BVB): in order for Romania to have a bigger capital market, large companies will have to be listed

Monday, November 14, 2016

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The next government of Romania will have to understand that in order for Romania to have a bigger capital market, large companies will have to be listed, which is important to Romania's economic prosperity, Director General of the Bucharest Stock Exchange (BVB) Ludwik Sobolewski told ...

Greg Konieczny: Romanian capital market too small for country size, Fondul Proprietatea scale

Monday, November 14, 2016

The Romanian capital market is too small compared to the country's size and far too small for the scale of Fondul Proprietatea, and the government should get involved in the development thereof, argues Greg Konieczny, Templeton Emerging Markets Group executive vice-president and portfolio manager with Fondul Proprietatea in an interview with Agerpres. "We've ...

Rise of 59 percent in 3D Secure online card payments in the first three quarters of 2016

Monday, November 14, 2016

Romanian online shops have reported a rise of 59 percent in 3D Secure online card payments in the first three quarters of 2016, compared with the same period of the year before, to over 434.2 million euros as of end-September 2016, from 273.2 million euros in the first nine months of 2015, show findings of a study released on ...

Population's past-due loans with banks and non-banking financial institutions decreased this September from August 2016 by 19 percent

Monday, November 14, 2016

The population's past-due loans with banks and non-banking financial institutions (NBFIs) decreased this September from August 2016 by over 2 billion lei (19 percent) from 10.9 billion to 8.8 billion lei, shows data released by the National Bank of Romania ...

NBR Board decisions on monetary policy:to keep unchanged the monetary policy rate at 1.75 percent per annum

Monday, November 7, 2016

In its meeting of 4 November 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 maintain the existing levels of minimum reserve requirement ratios on both leu- and foreign currency-denominated liabilities ...

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