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BNR affirms its end-2023 inflation rate projection at 7.5%

Monday, November 13, 2023

The National Bank of Romania (BNR) has affirmed its end-2023 inflation forecast at 7.5%, moving up to 4.8% its end-2024 inflation forecast, according to data released on Friday by BNR Governor Mugur Isarescu.In August 2023, the BNR estimated an inflation rate of 7.5% for end-2023 and of 4.4% for end-2024."We have a reaffirmation of the forecast for the end of the year at 7.5%, it is not modified, but there is an upward revision of the trajectory ...

Central Bank anticipates annual inflation rate will rise to 7.7% in first trimester of 2024

Monday, November 13, 2023

The National Bank of Romania anticipates that the annual inflation rate will rise to 7.7% at the end of the first trimester of 2024, going down to 6.8% at the end of the second quarter of next year, according to the Quarterly Report on Inflation, November 2023 edition."The projected values of the annual IPC inflation rate for the end of 2023 and the next year are 7.5% and 4.8%, respectively. Compared to the August 2023 Report, the forecast is similar for the ...

Lazea:Romania's budget deficit has exceeded 3% in 9 of the last 18 years

Monday, November 13, 2023

The budgetary deficit of Romania has exceeded 3% in nine out of the last 18 years of the Maastricht Treaty and the major issue is represented by the fact that it was pro-cyclic, stated the head-economist of the National Bank of Romania (BNR), Valentin Lazea, during the event ‘ Between Budgetary Deficit and Sustainable Economy’ organized by Oxygen Events.He stated that Romania ...

Profits of companies with a turnover of at least €750 million taxed at a minimum rate of 15%.

Monday, November 13, 2023

The government approved on Thursday a draft law which aims at taxing the profit of the big companies with a minimum quota of 15%.More exactly, it is about the big groups or multinational and national companies whose annual consolidated turnover is at least 750 million euro, says a press release sent by the executive.The draft law ...

Concordia Employers' Confederation asks gov't to assume no more tax increases in 2024

Monday, November 13, 2023

 The Government must assume that there will be no more tax increases in 2024 and we ask for clarity on the costs of the new pension law, president of Concordia Employers' Confederation Dan Sucu said on Friday."We ask the Government to assume unequivocally that we will have no more tax increases in 2024 and we ask for clarity on the costs of the new pension law. We understand that Romania has undertaken a reform through the PNRR, but what we have heard ...

National airline's trade unions request exemption from recent tax regulations

Monday, November 13, 2023

TAROM national airline's United Trade Union is requesting the government to exempt the company from the application of the provisions of Law 296/2023 on tax and budget measures because those measures "will place the company at a competitive disadvantage in relation to private airlines, in a fierce and completely liberalised competitive environment."According to the unionists, the application of the law would generate major negative implications on ensuring ...

Natural increase still negative in September

Monday, November 13, 2023

The natural increase remained negative (-3,839) in September 2023, the number of deaths being 1.3 times higher than the number of live births, according to data the National Institute of Statistics (INS) published on Friday.In September 2023, 14,080 babies were born, 2,115 fewer than in August 2023. The number of deaths registered in September 2023 was 17,919 (9,491 male and 8,428 female), 1,384 fewer deaths (634 male and 750 female) than in August 2023. The ...

Romania, among the last in Europe in terms of life expectancy

Monday, November 13, 2023

Romania ranks at the bottom of the European chart in terms of life expectancy, and only Bulgarians and Serbians have a shorter life expectancy.    In Romania, the average life expectancy is 69 years for men and 76 years for women, according to the most ...

Forty-one Romanians, family members leave Gaza on their way to Cairo

Friday, November 10, 2023

Romania's Foreign Ministry (MAE) on Thursday evening reported that 41 Romanian citizens and their family members left the Gaza Strip through the Rafah border crossing into Egypt on their way to the capital city of Cairo."On Thursday, after complex efforts of the Inter-institutional Task Force, through the Romanian Embassy in Cairo and the Romanian Representative Office in Ramallah, a number of 41 Romanian citizens and their family members left the Gaza Strip ...

NATO deputy secgen Geoana : Ukraine will become a EU, NATO member, that's certain

Friday, November 10, 2023

Ukraine will become a member of the European Union and NATO, it is "a certain thing", declared, on Thursday, the deputy general secretary of NATO, Mircea Geoana, at the opening of the Aspen - GMF Bucharest Forum."As for the calendar, the joint conditions for such decisions, it is a matter that the allies decide by consensus. We must continue to support Ukraine first of all in winning this war and consolidating its Euro-Atlantic path and I would say, from ...

President Iohannis supports the entry of Romania and Bulgaria into Schengen at the same time

Friday, November 10, 2023

Romanian President Klaus Iohannis stated on Wednesday during a press conference in Belgium that negotiations for Romania’s accession to the Schengen Area continue on all fronts, adding that the best option is for Romania and Bulgaria to enter the Schengen Area together. This contradicts Prime Minister Marcel Ciolacu, who suggested ...

Marcel Ciolacu to be Friday, Saturday in Spain, at Congress of European Socialists

Friday, November 10, 2023

The president of the Social Democratic Party (PSD), prime minister Marcel Ciolacu, will be in Malaga, Spain, on Friday and Saturday, where he will participate in the Congress of European Socialists.According to the program sent by the PSD, during Friday, on the sidelines of the PES Congress, the leader of the social democrats has scheduled meetings with the president of the PES, Stefan Lofven, with the president of the parliamentary group in the Progressive ...

Germany to send fighter jets to Romania to patrol NATO flank

Friday, November 10, 2023

Germany will send four Eurofighter fighter planes to Romania to support NATO’s air policing mission at the end of November, according to Reuters, citing a security source. The mission comes just weeks after Russia launched systematic attacks on Ukrainian ports along the Danube. According to DPA, also citing a security source, this deployment of Eurofighter planes is at Romania’s request.   The ...

Minister Tilvar had a meeting with his counterpart from the Republic of North Macedonia, Slavjanka Petrovska

Friday, November 10, 2023

The contribution of North Macedonia with troops to the South-East Multinational Brigade demonstrates the unity and solidarity of the allies, stated, on Thursday, the minister of National Defense, Angel Tilvar, according to a press release from the Ministry of National Defence (MApN).Tilvar made the statement during the meeting he had on Thursday with his counterpart from the Republic of North Macedonia, Slavjanka Petrovska, with whom he discussed concrete ...

Bogdan Aurescu - judge at International Court of Justice

Friday, November 10, 2023

Presidential adviser Bogdan Aurescu, former foreign minister, was voted as judge at the International Court of Justice on Thursday.''Honored to be elected today as Judge of the UN International Court of Justice with 117 votes & UN Security Council with 9 votes as the first ever Romanian to fulfil this function,'' Aurescu wrote on Thursday on X platform (Twitter).President Klaus Iohannis congratulated Bogdan Aurescu for his election to this ...

EPPO: 38 searches as part of an investigation în Romania into a fraud of 15 million euros with IT projects

Friday, November 10, 2023


  Led by Laura Codru?a Kovesi, the European Public Prosecutor’s Office (EPPO) announced on Thursday that 38 searches have been conducted in Romania as part of two investigations into an alleged €15 million fraud. The investigations also span Cyprus, the Czech Republic, Malta, Monaco, and the United States. The cases revolve around six EU-funded IT projects for the development of innovative software solutions, with the offenses being fraud and ...

Gov't approved 2023 - 2027 National Strategy for public order and safety

Friday, November 10, 2023

The Government approved on Thursday, by decision, the National Strategy for Public Order and Safety 2023 - 2027.According to a Government release, the National Strategy for public order and safety 2023 - 2027 represents the sectoral development of the public order dimension within the National Strategy for the Defense of the Country."The implementation of the strategy has as beneficiaries the citizens of Romania and the EU member states, by ...

Cash transaction caps to stay in place, except for cash desk limit, advance for settlement

Friday, November 10, 2023

All the current limits for cash transactions will be kept in place for both individuals and legal entities, with two exceptions: the cash desk limit for companies will be RON 50,000, and the advance for settlement will be RON 1,000 per day, Prime Minister Marcel Ciolacu announced on Thursday, adding that the emergency ordinance on cash receipt and payment operations will be revised to this effect."Even if the underlying principles were correct, difficult ...

In new pension law, threshold of 9.4% of GDP will be eliminated

Friday, November 10, 2023

 The government adopted the pension law on Thursday, Prime Minister Marcel Ciolacu announced."The pension law has been adopted! There is no 'I don't want to' or 'I can't' when it comes to pensioners. This government will do them justice!," Ciolacu wrote in a Facebook post.At the beginning of today's government meeting, the head of the Executive announced that the 9.4 percent of GDP cap on pension expenditures will be scrapped in the new ...

The pension law, reason for dispute in the governing coalition

Friday, November 10, 2023

A government dispute regarding pension funds has arisen. Finance Minister Marcel Bolos reportedly hasn’t approved the new law that would increase Romanian pensions due to a lack of funds, according to political sources. He is said to have urged the Prime Minister to find solutions. A discussion took place on this matter within the National Liberal Party (PNL – ruling party în coalition) on Thursday morning. PNL leader Nicolae ...

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