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Financial & Banking

NBR Board decisions on monetary policy

Monday, January 13, 2020

In its meeting of 8 January 2020, the Board of the National Bank of Romania decided the following: to keep the monetary policy rate at 2.50 percent per annum; to leave unchanged the deposit facility rate at 1.50 percent per annum and the lending facility rate at 3.50 percent per annum; to maintain the existing levels of minimum reserve ...

Mandatory private pension plans report Nov. 2019 assets of 60.09 billion lei, up 26.48pct y-o-y

Monday, January 13, 2020

Mandatory private pension plans had assets worth over 60.09 billion lei, as of November 30, 2019, up 26.48pct y-o-y, according to data with the Financial Supervisory Authority (ASF).Government securities hold the highest share in the assets, at 37.1 billion lei, or 60.91pct. Coming in second were stocks, at 13.4 billion lei (22.5pct). Corporate bonds were in third place, at 4.236 billion lei, or 6.95pct of the total assets.According to the same data, ...

UniCredit – Market Leader and best Trade Finance provider in Romania according to Euromoney’s Trade Finance Survey 2020

Monday, January 13, 2020

UniCredit was named the best global Trade Finance provider in Euromoney’s Trade Finance Survey 2020. The bank also landed the number 1 position in this category in several individual countries, including Romania, according to the survey, in which UniCredit also received awards in categories such as Advisory, Financing, Overall Execution ?i Products, as well as for its services in Western Europe and Central and Eastern Europe. The extent of ...

FinMin promises higher contributions to Pillar II , the private pension funds

Monday, January 13, 2020

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The contributions to the mandatory private pension funds (Pillar II) in Romania will rise to 5% of the gross wage as of 2021, from 3.75% currently, to later increase to 6% as the law provides, finance minister Florin Citu stated in a TV interview on January 7, according ...

Fondul Proprietatea to launch new buyback offer for 200 mln shares

Monday, January 13, 2020

Fondul Proprietatea, the biggest investment fund in Romania, whose shares are trading on the Bucharest Stock Exchange and GDRs on the London Stock Exchange, will launch a new buyback offer for a total of 200 million own shares (including GDRs). The fund’s manager, Franklin Templeton Investment Management has hired Romanian brokerage firm Swiss Capital and international broker Auerbach Grayson to manage the offer. The terms of the offer, including ...

Gov't invited IMF to audit Fiscal Code

Monday, January 13, 2020

The International Monetary Fund (IMF) will conduct an audit of Romania’s Fiscal Code at the invitation of the Government, finance minister Florin Citu confirmed in an interview on January 7. “We have invited the Fund to establish whether the Fiscal Code is stimulating or dragging down the economy,” minister Citu said adding that he wants the opinion of independent experts such as those of the international financial ...

Euler Hermes 's study on economic slowdown

Monday, January 13, 2020

Early indicators point to a slowdown of the Romanian economy in the next quarters, according to Euler Hermes, the global leader in commercial credit insurance and a recognized specialist in collateral and debt collection, which carried a study about Romania’s country risk. The consultancy firm outlines that the country's output in the important automotive sector has been shrinking since June 2019. It also expects the new ...

BNR: International reserves – December 2019

Monday, January 6, 2020

On 31 December 2019, the National Bank of Romania’s (BNR)foreign exchange reserves stood at EUR 32,926 million, compared to EUR 33,817 million on 30 November 2019. During the month, the following flows were recorded: EUR 2,197 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, inflows into the Ministry of Public Finance’s accounts, inflows into the European Commission’s ...

November's overdue loan payments down 2.6pct in domestic lei, 6.5pct lower in foreign currency

Monday, January 6, 2020

The total value of overdue loans - both corporate and individual - totaled 4.7 billion lei in November 2019, 2.6 percent down from the figure reported in October 2019, while past due loans in foreign currency decreased by 6.5 percent to the equivalent of 2.17 billion lei, according to the data of the National Bank of Romania (BNR). Loans in lei amounted to 180.771 billion lei in November (0.66 percent over the value of the previous month), of which 68.622 billion lei were ...

 Deposits of non-governmental resident clients up 1.8 pct in November

Monday, January 6, 2020

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Deposits of non-governmental resident clients increased by 1.8 per cent in November 2019 compared with October 2019, up to 356.611 billion lei and by 9.9 per cent (5.9 per cent in real terms) compared with November 2018, the National Bank of Romania (BNR) informed in a press release .Deposits in lei of households increased by 1.4 per cent compared with October 2019, up to 127.877 billion lei, and by 7.8 per cent in real terms compared with November 2018.Deposits in ...

Non-governmental credit balance up 0.1 per cent in November

Monday, January 6, 2020

The balance of non-governmental credits granted to credit institutions increased by 0.1 per cent in 2019 (-0.1 per cent in real terms) against November 2019, up to 268.672 billion lei, according to a press release of the National Bank of Romania (BNR).Credits granted in lei, accounting for 67.2 per cent of the total non-governmental credits, increased by 0.6 per cent (0.4 per cent in real terms) and loans in foreign currency denominated in lei decreased by 0.8 per cent ...

Quarterly reference index for consumer loans down to 2.36pct per year

Monday, January 6, 2020

The consumer credit reference index (CCRI), regulated by Government Emergency Ordinance 19/2019, has dropped to 2.36pct per year, from 2.66pct, the one published three months ago, according to data announced on last Tuesday by the National Bank of Romania (BNR).The current CCRI is calculated as the arithmetic average of the daily interest rates of interbank transactions in the third quarter of 2019.The National Bank of Romania published for the first time, on May 2, ...

PwC: 2020's big challenge - more efficient collection of existing charges and taxes

Monday, January 6, 2020

2020's big challenge will be the more efficient collection of existing charges and taxes under a budget deficit target of 3.6pct of GDP, above the maximum limit for the EU member states, according to an analysis by PwC.According to the quoted source, the year 2020 will start, in the fiscal field, with the entry into force of some reparative measures, mainly targeting Emergency Ordinance 114/2018, but also with the expectation of the business environment for a series of novelties ...

EximBank-Banca Romaneasca merger still pending for his, Finance Ministry's approval

Monday, January 6, 2020

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Finance Minister Florin Citu said that the merger between EximBank and Banca Romaneasca (the Romanian Bank) hasn't yet been approved by either him or the Public Finance Ministry and the announcement on what happens to this operation will be made in January."I have been asked by many journalists and I have to make this clarification. The transaction was approved in February 2019 by the PSD [the Social Democratic Party] Government. I and the Public Finance Ministry haven't yet ...

Net assets of investment funds, up 2.1pct in November

Monday, January 6, 2020

The net assets of the 219 local and foreign open- and closed-end investment funds increased by 2.1pct in November, to the level of 48.1 billion lei (10.1 billion euros), registering an increase by 14.7pct from the beginning of the year, according to a release of the Fund Managers Association (AAF) sent on Monday.In November, net inflows totaled 236 million lei (49.4 million euros).The net assets of the 86 local open-end funds increased by 1.3pct in November, to 24.7 ...

BVB's Tanase: 17 bond issues worth over 4 B lei have been launched in 2019

Monday, January 6, 2020

This year, a number of 17 bond issues worth over 4 billion lei have been launched and the trend will continue in 2020, too, when it's possible to also have have stock issues, stated on Monday Director General of the Bucharest Stock Exchange (BVB) Adrian Tanase, at an event of BT Leasing bonds listing on BVB."2019 has been a very good year in terms of the instrument issues with fixed income and we are very glad that more and more companies are accessing the capital market through ...

ASF: the stock exchange indicators registered positive evolution, over 18% in the first nine months; the value of tradings diminished by 15%

Monday, December 23, 2019

All indicators of the Romanian stock exchange have recorded positive evolutions, over 18% in the first nine months of the year 2019, but the cumulated value of the tradings on all markets diminished by 15% down to 8.12 billion lei, informs The Authority for Financial Supervision (ASF) in a press release.During the period mentioned above, the BET reference indicator which surprises the evolutions of the most traded companies on the regulated market of BVB had a ...

CEO Kiwi Finance: the alert rhytm of real estate development will go on, as Romania has not only demand but also consistent need for residences

Monday, December 23, 2019

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The biggest broker of loans on the market, Kiwi Finance, reported in the first quarter of 2019 a significant growth of the volume of  files credited against the same period of last year, only in october ( a record month in the history of the company) Kiwi Finance initiating real estate loans representing 20% of the total of real estate credits in Romania ( exception Prima Casa) – sent to the banks for approval loans worth 44,5 million euro, out of which 90% real ...

The Bank of China has opened a branch in Bucharest

Monday, December 23, 2019

Romania has become the 60th among the countries and regions where the Bank of China is represented, and by setting up the branch in Bucharest the capacity of the services of the bank in Central and Eastern Europe will grow, by participating to the building of the initiative ‘ A ring road, a road’ stated on last Monday the chairman of the Board of the bank, Liu Liange.According to him, the Bank of China has worked without interruption for 107 years and ...

Georgescu (BNR): Currently there are no risks of severe nature to financial stability in Romania

Monday, December 23, 2019

At the present moment there are no severe risks to financial stability in Romania, but the general risk level is rising, similarly to developments around the world, said the first deputy governor of the National Bank of Romania (BNR), Florin Georgescu, at the press conference launching the Financial Stability Report."The main conclusion that can be taken from this second edition of 2019 of the Report is that, at the moment, there are no risks of a severe nature to ...

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