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Financial & Banking

Revenues to this year's state budget will be by 1.326 billion lei lower (draft)

Monday, September 11, 2017

According to the draft Ordinance adjusting the 2017 state budget released on the website of the Ministry of Public Finance, revenues to this year's state budget will be by 1.326 billion lei lower, expenditures will diminish by 347.7 million lei, while the deficit will grow by 978.8 million ...

IMF responds to Romanian PM allegation of 'wrong' growth forecasts

Monday, September 11, 2017

The International Monetary Fund (IMF) on Wednesday responded to an allegation of making 'wrong' economic forecasts about Romania by saying its projections reflect data available at the time of making them, while the final results are often influenced by subsequent decisions, Romanian media reported, seenews.com informs. Romania's prime minister Mihai Tudose said on Tuesday he held a meeting with IMF representatives in an attempt to prevent another ...

Ionut Dumitru, Fiscal Council: We might reach the highest inflation in Europe next year

Monday, September 11, 2017

The over-excise duty on fuels will lead to chain reactions of price hikes, the Chairman of the Fiscal Council, Ionut Dumitru, warned, digi24.ro informs quoted by romaniajournal.ro. Dumitru contradicted the government’s optimism that the price of fuel will not increase, adding that inflation might get out of control following the price increases for electricity, saying inflation might reach 3.5% next year, the highest level in ...

PM Tudose: out of the 36 active banks of Romania, 18 of them operate without any profit

Monday, September 11, 2017

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 Prime Minister Mihai Tudose stated on Tuesday that out of the 36 active banks of Romania, 18 of them operate without any profit. "Out of the 36 active banks, a half of them are more than alright, a half of them insist they are not able to make a profit, which I don't believe. We have 18 non-profit banks that say they closed [the annual financial exercise] on losses. The ANAF [National Agency for Fiscal Administration] went to them in order to find out ...

Number of people with debts to banks and IFN dropped by 19,000 in July

Monday, September 11, 2017

The number of people with unpaid debts to banks and non banking financial institutions dropped by 2.7% in July, compared to the previous month, to 668,279, according to the latest BNR data. Those people had debts of over 7.28 billion lei. The sum as in lei and euro - 2.7 billion lei and 3.04 billion lei in euro. According to the delay category, the highest value corresponds to the deadline of over 90 days with 4.29 billion ...

FP reviews the strategic options on its stake in Hidroelectrica

Monday, September 11, 2017

 In the context of the current report issued September 7 by Fondul Proprietatea on reviewing its strategic options for its holding in Hidroelectrica, Johan Meyer, Co-CEO and Portfolio Manager of Fondul Proprietatea, stated the following: “We decided to evaluate strategic options for our stake in Hidroelectrica given the lack of progress on the proposed listing despite conducive market conditions and significant ...

Shares’ transactions value on the main BVB market up by 85.3 pct in August

Monday, September 11, 2017

The shares transactions value on the main Bucharest Stock Exchange market (BVB) went up by 85.3 percent in August, compared with August 2016, to over RON 828.9 million, according to BVB data quoted by business-review.eu. Compared with the previous month, it increased by 27.3 percent. On the alternative transaction system, the total value of shares transaction decreased by 29.8 percent in August, compared with August ...

The government decided that the split VAT payment be compulsory starting with1 January 2018

Monday, September 4, 2017

The government adopted on Wednesday an ordnance through which they introduce the obligation to pay  the split  VAT starting with 1 January 2018; the taxable people recorded for VAT with the obligation to own and manage a VAT account for the collection and payment of VAT for taxable operations ( acquisition of goods/services, goods delivery/services). Similarly, the public institutions recorded for VAT  purposes will have the obligation starting with the same ...

FIC: VAT split payment will not combat tax evasion

Monday, September 4, 2017

The administrative and bureaucratic burden placed on honest taxpayers via measures such as the VAT split payment is not, in the long run, a good strategy to combat tax evasion, representatives of the Foreign Investors Council (FIC) said in a statement quoted by ...

Romania to issue 3.9 bln lei (849 mln euro) of domestic debt in Sept

Monday, September 4, 2017

Romania's finance ministry said on Wednesday it plans to auction 3.9 billion lei ($1.01 billion/849 million euro) worth of government securities and to sell an additional 405 million lei in non-competitive offers in September, seenews.com informs. The finance ministry plans six auctions of government securities with maturity of two to ten years and one auction of six-months T-bills next month, it said in a debt issuance ...

BNR: International reserves – August 2017

Monday, September 4, 2017

On August 31st, 2017 the National Bank of Romania’s foreign exchange reserves stood at EUR 34,955 million, compared to EUR 34,636 million on July 31st, 2017, BNR informs în a press release.. During the month, the following flows have taken place: EUR 1,569 million inflows, representing changes in the foreign exchange reserve requirements of the credit institutions, inflows into the Ministry of Public ...

PM Tudose: There are three options for Pension Pillar II

Monday, September 4, 2017

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Prime Minister Mihai Tudose said Tuesday for ‘Romania TV’ private broadcaster that there are three options regarding Pension Pillar II, to keep it as it is, to diminish the share of contributions to Pension Pillar II or to allow citizens to opt for the desired alternative, romaniajournal.ro informs. “Three variants: keep it as it is and only to change the commissions charged today by the private administrators – because, I ...

Sovereign Investment Fund project to reach Romanian Parliament in September

Monday, September 4, 2017

The draft law on Romania’s Sovereign Investment Fund will be sent to the Parliament in September, after a last political discussion within the Social Democratic Party (PSD), said yesterday prime minister Mihai Tudose, romania-insider.com informs. The Government approved the draft project on setting up the fund in July. The Finance Ministry will manage this ...

BNP Paribas to open branch in Romania next year

Monday, September 4, 2017

The largest bank in France and the second in the European Union, after HSBC, BNP Paribas will open a branch in Romania by the end of the first quarter next year, romaniajournal.ro informs. The steps have already begun, according to Economica.net. The first step is the transformation of non-bank financial institutions into branches of the bank, implicitly in Romania, according to the recent model of the one in Czech Republic. Unlike the subsidiaries, ...

BVB-listed companies value has increased by EUR 8 bn in four years

Monday, September 4, 2017

The market value of all companies listed on the Bucharest Stock Exchange (BVB) has increased significantly over the last four years, romaniajournal.ro reports. According to a press release, the Romanian and foreign companies listed on BVB at end-July, 2013, had a cumulative capitalization of EUR 23.2 billion. From then until July 31, 2017, their total capitalization went up by 53 percent to EUR 35.5 billion. As regards the ...

Non-performing loans dropped in June 0.72 percentage points from the month before

Monday, September 4, 2017

The ratio of non-performing loans dropped in June 0.72 percentage points from the month before to 8.32 percent, according to data released by the National Bank of Romania (BNR). In a YoY comparison, the respective indicator was down by 2.98 ...

MEP Stolojan about the broken down payment of VAT: it is complicated for the Romanian economy

Monday, August 28, 2017

The liberal (PNL)  MEP Theodor Stolojan considers that the broken down payment of VAT represents ‘ a complicated matter’ for the Romanian economy. ‘Broken down payment of the VAT is a complicated matter for the Romanian economy, It will produce much trouble for the small entreprises. It seems that the PSD has people who remember  the way they worked during the socialist years. During those times, every entreprise when they ...

Reuters: Romanian government may cut private pension contributions

Monday, August 28, 2017

Romania was analyzing whether to cut contributions to mandatory private pension schemes from next year and redirect some of the funds into state coffers, the prime minister said on Friday quoted by reuters.com Romania overhauled its communist-era pension system in 2008, making it compulsory for working Romanians under 35 to contribute to a “second pillar” of private pension schemes as well as their state ...

PFP:Trimming the contributions to Pillar II is as harmful as the nationalization

Monday, August 28, 2017

Trimming the contributions to the mandatory privately-managed pension funds (Pillar II) is as harmful as the nationalization or dismantling of these funds, the more so as the law actually provides for a higher contribution than the current transfers, the Association of Participants in Pension and Investment Funds (PFP) said in a Thursday ...

ASF: no talks about any kind of modification of the mandatory privately managed pensions Pillar II

Monday, August 28, 2017

There are no talks about any kind of modification of the current functioning mechanism of the mandatory privately managed pensions Pillar II, the Financial Supervisory Authority (ASF) said Wednesday in a ...

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