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Financial & Banking

Share capital of BVB will grow to 80.7 million lei after the merger by absorption with SIBEX

Monday, April 24, 2017

The share capital of the Bucharest Stock Exchange (BVB) will grow to 80.7 million lei after the decision by the Extraordinary General Shareholders Meeting on the merger by absorption with SIBEX, a release on the BVB website reads. "By majority of votes of ...

BVB to pay 7.06 million lei (rd EUR 1.56 M) in dividends

Monday, April 24, 2017

 The Bucharest Stock Exchange (BVB) will pay 7.06 million lei (rd EUR 1.56 M) in dividends, as the Shareholders Ordinary General Meeting approving a gross dividend of 0.92 lei per share, the institution announced on its ...

FinMin Stefan: Uniform pay law needed to stabilize chaotic payroll system

Monday, April 24, 2017

The uniform pay law for the public sector is necessary to stabilize the currently chaotic payroll system, the more so as one can never know what effects a court ruling could produce, which renders the budget's staff expense part unmanageable, Minister of Public Finance Viorel Stefan said recently. He explained that this is the reason why the Uniform Pay Bill ...

Romania's RCS&RDS parent co to list on Bucharest bourse

Monday, April 24, 2017

Netherlands-based telecoms company Cable Communications Systems, the majority owner of Romanian company RCS&RDS, said on Tuesday it intends to list up to 25% of its shares on the Bucharest Stock Exchange through an initial public offering (IPO) in May, seenews.com informs. Shareholders of Cable Communications Systems have also decided to change the name of the company to Digi Communications N.V, the company said in a press release. "The company ...

PM Grindeanu: Switchover to euro only after Romanians' pay close to other EU states

Monday, April 24, 2017

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Premier Sorin Grindeanu said on Monday that the switchover to the euro will be possible only after the Romanians' incomes get close to earnings in other European Union member states. "Let's make sure that this monetary convergence is done in parallel with the convergence of incomes. We believe that the switchover to the euro can be done only after the ...

Isarescu: BNR will slash the forex minimum reserve requirement whenever it has the chance

Monday, April 10, 2017

The National Bank of Romania (BNR) will slash the forex minimum reserve requirement whenever it has the chance, the central bank's Governor, Mugur Isarescu told a press conference on Wednesday. "The diminishing of the forex minimum reserve requirement is connected to a calendar announced many years ago, with a fair target to reach a normality, the place where the reserves in the European Union stay, and with the specification that huge steps were made in this ...

S&P affirms Romania at BBB-/A-3 with stable outlook, warns on excessive fiscal loosening

Monday, April 10, 2017

Standard & Poor's maintained on Friday Romania's rating at BBB-/A-3, with a stable outlook, and said that the country's deficit will widen due to the government's loose fiscal polic, seenews.com informs. "Romania's fiscal and external deficits are increasing on the back of a procyclical fiscal stance, although strong nominal GDP growth is keeping government and external debt ratios contained for now. We are therefore affirming our 'BBB-/A-3' ...

Isarescu: accession to  the euro which is not an abandoned  project

Monday, April 10, 2017

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Mugur Isarescu, the governor of the National Bank of Romania (BNR) spoke  during the scientific session ‘ Romania in the European Union’ organised by the Romanian Academy about the accession to the euro, which is not an abandoned project, but one which needs a more responsible approach.’ After  the outbreak of the crisis there is a need for the meeting of criteria for convergence in a natural way not a forced one. The level of convergence is an ...

Daniel Daianu: Romania can access the euro in a minimum of nine years if the economy grows by 5%

Monday, April 10, 2017

If the Romanian economy grew at the same rhythm as now  we would access the euro zone in 13 years. If we had a growth of 5% we would need nine years, stated on Friday Daniel Daianu, member of the National Bank of Romania (BNR) Board. He said that we have the lowest fiscal income in the EU. ‘There is long way to structural convergence which should justify our wish to access the euro, so this step could be taken. We propose a minimum  of ...

Lazea, BNR: we don’t have another alternative but accession to the euro zone, although there are some problems

Monday, April 10, 2017

Romania has no alternative from the economic point of view but accession to the euro zone, although it does not function well, stated on Friday Valentin Lazea, the head economist of the National Bank of Romania (BNR) . ‘Although the euro zone does not function well, Romania has no other alternative from the economic point of view. We can stay on the outskirts of the EU as some think, but it is not a solution. Accession to the euro zone means four ...

Romania's gov't-run companies post aggregate 1994-2015 net losses of 66.5 billion lei

Monday, April 10, 2017

Romania's government-run companies have posted an aggregate net loss of 66.5 billion lei, 1994-2015, with 65.5 billion lei amassed in the first ten years of the analysis. "Despite sounder balance sheets, the financial reports of the government-run companies are negative overall (added net results of the years 1994-2015 reveal an aggregate net loss of 66.5 ...

Romanian private pension funds' assets grow 31% y/y in Feb

Monday, April 10, 2017

Net assets under the management of Romanian mandatory private pension funds increased 31% on the year to 33.17 billion lei ($7.8 billion/6.3 billion euro) in February, the financial supervision authority, ASF, said on Friday quoted by seenews.com. Government securities had the highest share in private pension funds' assets, of 64.11%. Shares came in second with 20.32% and bank deposits were third with a 6.35% share, ASF said in a ...

Romania c-bank sees below-target inflation next months, ready to cut reserve requirements

Monday, April 10, 2017

Romania's central bank, BNR, said on Wednesday it expects annual inflation to remain below its target of 1.5%-3.5% in the next months, and that it is ready to cut the minimum reserve requirements when needed, seenews.com reports. BNR will release its quarterly inflation forecast on May 5. "The most recent assessments reconfirm the outlook for the annual inflation rate to stick to a slightly upward path in the following months, ...

Commission for creation of Romania’s sovereign fund set up by PM Grindeanu

Monday, April 10, 2017

The inter-government commission for the creation of Sovereign Fund of Development and Investments (FSDI) was set up through a decision of PM Sorin Grindeanu, business-review.eu ...

MFP's Georgescu: with the Brexit there will be at least a simplification in the system of own resources after 2020

Monday, April 10, 2017

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Romania is voicing hope that with the UK leaving the European Union, there will be a simplification in the post-2020 system of own resources as far as the EU budgetary revenues are concerned, State Secretary with Romania's Finance Ministry (MFP) Elena Georgescu told a debate on Monday called "Post-2020 multiannual financial framework, a response for EU's future" held in Bucharest ...

ANAF collected in Q1 of this year 50.4 billion lei

Monday, April 10, 2017

The National Tax Administration Agency (ANAF) has collected in the first quarter of this year 50.4 billion lei, 1.3 percent above the amount funneled into the state coffers in the same period last year, the institution said in a Monday."Against the background of ...

EximBank finances BCR Leasing IFN with 100 million lei

Monday, April 3, 2017

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The EximBank and the non-banking financial institution BCR Leasing IFN signed an agreement of partnership where the bank offered the leasing company a loan of 100 million lei for the activity of the BCR leasing IFN clients for a short term or medium-term financing agreement, the bank announced on Wednesday. The facility was offered for a period of three months with a grace period of one year,out of which a period of use of three ...

The GfK study: 67% of the financial managers of Romania consider that the frequent changes of legislation represent a challenge in the business environment

Monday, April 3, 2017

Over 60%of  the financial managers of Romania consider that the frequent changes of legislation represent a challenge in the domestic business environment, according to a study made by GfK at the request of the IMF Group which shows that over 80% of the human resources managers have difficulty in finding the adequate work force. The study analysed the opinions  of 30 financial managers and 31 human resources managers from ...

Total value of BVB transactions down in 2016 by 7.5 pct to RON 11.25 bln

Monday, April 3, 2017

The total value of transactions recorded on the Bucharest Stock Exchange (BVB) went down by 7.5 percent in 2016 compared with 2015, reaching RON 11.25 billion on the back of a  decrease in the number of transactions, according to a release published on Tuesday by the Financial Supervision Authority (ASF), business-review.eu reports. In 2016, the number of transactions fell by approximately 3.98 percent compared with ...

Mandatory pension funds assets at 28 February 2017 counted for approximately 33.176 billion lei

Monday, April 3, 2017

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 The mandatory pension funds (Pillar II)' assets at 28 February 2017 counted for approximately 33.176 billion lei (rd EUR 7.29 billion), up by 30.92 percent against the level they touched at 29 February 2016, says the data released by the Financial ...

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