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Financial & Banking
Fiscal Council sees 2021 budget draft feasible
Monday, February 22, 2021
The Romanian Fiscal Council issued a positive opinion on the 2021 budget planning drafted by the Government.The budget deficit targets, both under the national (7.16% of GDP) and ESA (8.2% ...
The Economic and Social Council gave a negative opinion on the draft budget
Monday, February 22, 2021
Romania's Economic and Social Council (CES) issued a negative opinion on the 2021 budget law drafted by the Government, objecting to the so-called "austerity measures" included: no holiday ...
AmCham argues Romanian Govt. should work on increasing tax collection
Monday, February 22, 2021
Romania's Government should strengthen the administrative capacity to best benefit from the significant allocations for health, education, and infrastructure on the expenditures side, AmCham Romania recommended in the context of the debates on the 2021 State Budget project. On the revenues side, the authorities should also pursue concrete measures to increase the tax collection revenues by modernizing and digitizing the ...
BSTDB Supports Business Infrastructure in Romania
Monday, February 22, 2021
The Black Sea Trade and Development Bank (BSTDB) has extended a EUR 50 million loan to One United Tower S.A. to facilitate the development of business infrastructure in Romania, a statement sent to ACTMedia informs. The purpose of the BSTDB loan is to finance the development costs of “One Tower”, a green office building making part of the newly developed One Floreasca City mixed-use ...
Assets of optional pension funds top 3 bln lei as of January 29
Monday, February 22, 2021
As of January 29, 2021 optional pension funds held assets worth over 3 bln lei, up 18.58 percent YoY, the Financial Supervisory Authority (ASF) announced.Government securities account for the highest share of this amount, with 1.918 bln lei (63.53 pct), followed by stocks with 796.571 mln lei (26.38 pct) and corporate bonds with 89.509 mln lei (2.96 pct).Assets of Pillar III pension funds totaled 3.019 bln lei as of January 2021 and were ...
Assets of privately managed mandatory pension funds at over 77.6 bln lei this January
Monday, February 22, 2021
Assets of mandatory privately managed pension funds amounted to over 77.6 billion lei as of January 29, up 23 percent YoY, shows data of the Financial Supervisory Authority (ASF).Government securities account for the largest share in assets with 52.23 billion lei (67 pct), followed by stocks with 17.2 billion lei (22.16 pct) and corporate bonds with 2.97 billion lei (3.84 pct).According to ASF data, Pillar II pension fund assets totaled 77.607 ...
Romanians can access an Ocean Credit loan in just 8 minutes thanks to the new OC 3.0 platform
Monday, February 22, 2021
Ocean Credit has a mission, to turn complex financial information into simple data that can help people save money when borrowing, a press release sent to ACTMedia reads. Time and experience are the decisive factors that differentiate a Fintech from ...
Chimcomplex Borze?ti sells 189 million shares, at a total price of 356 million
Monday, February 22, 2021
Chimcomplex, the biggest chemical producer in Romania, has launched the final stage of a public offering of shares aimed at raising RON 356 million (EUR 74 ...
iFactor raises EUR 700,000 on London-based crowdfunding platform Seedrs
Monday, February 22, 2021
iFactor, a Romanian fintech that aims to democratize SME lending, has raised close to EUR 700,000 in an equity crowdfunding campaign on the London-based equity crowdfunding platform Seedrs. The Romanian startup was aiming to get EUR 625,000 for 15.2% of its shares at a valuation of EUR 3.9 mln for the whole company. Romanian venture capital fund ROCA X, part of the local Impetum Group, led the financing ...
Constitutional Court (CCR) "legalized" tax evasion
Monday, February 22, 2021
Romania's Constitutional Court (CCR) rejected the objections against a draft law that will allow those responsible for tax evasion of up to EUR 100,000 to avoid jail and get away with a fine if they repay in full the damage before the court decides the ...
Introductory remarks at the “Corporate Liquidity and Solvency in the Covid-19 Pandemic: The Role of Policies”
Monday, February 15, 2021
Mugur Isarescu, NBR Governor As prepared for delivery Good morning Director Kammer and to everyone in Washington and good afternoon to our guests and speakers in Europe. Whether you are joining us from Bulgaria, Poland, Croatia or Romania, we are very happy to welcome you to this virtual discussion. The fact that you can be ...
Introductory Remarks at the “Corporate Liquidity and Solvency in the Covid-19 Pandemic: The Role of Policies” Virtual Conference National Bank of Romania & International Monetary Fund
Monday, February 15, 2021
By Alfred Kammer, Director of the European Department at the International Monetary Fund February 12, 2021 As prepared for delivery: Thank you for the introduction. It is a great honor to participate in this event, ...
Financial Supervisory Authority: The insurance market ended the year 2020 with a growth of 5%
Monday, February 15, 2021
The Romanian insurance market reached in 2020 a volume of gross written premiums of 11.5 billion lei, increasing by 5% compared to the previous year. Last year, in the general insurance segment, the value of gross written premiums reached 9.28 billion lei, an increase of 6% compared to 2019. At the same time, gross written premiums related to life insurance decreased ...
BNR monitored the relative stability of the exchange rate under the conditions of gradual and sustainable reduction of the interest rate
Monday, February 15, 2021
The National Bank of Romania (BNR) monitored the relative stability of the exchange rate and kept it under the conditions of gradual and sustainable reduction of the interest rate,without falling in the trap of too low interests, considers Cristian Popa, member of the BNR board, in an article on the blog of Opinii BNR. ‘In Romania, a depreciation of even one ban or 0.2% represents a ...
Over 95% of the insurance policies sold by some brokers are in digital format
Monday, February 15, 2021
Brokerage companies have developed and implemented a series of digital processes to ensure the proper functioning of the relationship with clients and business partners, so that over 95% of the insurance policies sold by some brokers are in digital format, the representatives of the National Union of Insurance Brokerage and Consulting Companies in Romania (UNSICAR) say.According to a press release sent on Thursday, the digitization of the activity was, ...
BRD Group posts net profit down 35.7 pct in 2020
Monday, February 15, 2021
BRD Group achieved a net profit of 963 million lei in 2020 compared to 1.499 billion lei in 2019, down 35.7%, according to a bank press release sent to the Bucharest Stock Exchange (BVB).According to the cited source, the bank ended last year with a profit of 951 million lei, compared to 1.528 billion lei in 2019."The year 2020 has been marked by an unprecedented health crisis, which has quickly turned into a severe economic crisis. ...
The Romanian capital market outgrows 2020 in the first month of this year to set new all-time highs
Monday, February 15, 2021
All the indices of the Bucharest Stock Exchange (BVB) ended in positive territory in January. The Romanian capital market went up by 5% last month as the BET-TR index reached a new all-time high of 17,500 points. Liquidity for all the financial instruments broke the RON 1-billion ceiling, +6% ...
NN and Cegeka develop alternatives to transform the customers’ digital experience
Monday, February 15, 2021
NN, leader in the Romanian life insurance and private pensions markets, and the local subsidiary of Cegeka, one of the largest European providers of IT solutions, have partnered to transform NN’s customers’ digital experience when interacting with the company’s products and services. The first step was the relaunch of the NN Direct mobile application and new features are expected to follow, so that ...
ZEN modern payment solution is launched in Romania
Monday, February 15, 2021
ZEN, a newly launched licensed European fintech startup using modern payment technologies, has announced its official launch in 31 European markets, including Romania, with the support of Mastercard, according to a press release sent on last Monday.ZEN's main objective is to provide a simple and convenient way to manage money without fees and difficult formalities. The ZEN offer combines all the essential benefits for e-commerce: simplicity of payments, ...