RSS
CFA analysts: the economic future of Romania is in danger
CFA Romania, the association of the certified financial analysts Chartered Financial Analysts warned on Thursday that the amendments proposed by the government bring serious prejudice to the financial system.
‘The recent amendments announced by the government as regards the pension funds privately managed – pillar II eliminates what is, for the majority of the Romanians the only instrument for saving and the chance to a decent living when retired’ the CFA Romania press release says.
The analysts warn that, through the measures announced the government practically sends a message to the managers of funds to withdraw from the market, taking into consideration the requirements for increased capital and up to 20 times more as the income from management drop dramatically.
‘Moreover there will be eliminated the inflationist wirl in which we are and which will ‘bite’ seriously from the current income and the savings of a lifetime of the Romanians. Through these measures, the government creates is own worrying premises for substantial growth of the financing costs of the budgetary deficit and these increased costs will be paid by us, from taxes’ the press release says.
The association warns that the measures announced for the sector of utilities, telecommunications and banking will seriously affect the Stock Exchange whose volumes, more than three quarters are generated by the companies in these industries.
The analysts warn that the taxation of the banking system depending on the evolution of the ROBOR which in itself is an expression of the inflation generated by the previous measures of this government show a misunderstanding of the mechanisms of the way the market economy works and creates a dangerous precedent.
At present, CFA Romania has over 230 members, the majority having the title of Chartered Financial Analysts (CFA) or candidates for one of the three levels of the examination leading to the title.