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Financial & Banking
BNR Board decisions on monetary policy
Monday, January 20, 2025
In its meeting of 15 January 2025, the Board of the National Bank of Romania (BNR) decided the following: to keep the monetary policy rate at 6.50 percent per annum; to leave unchanged the lending (Lombard) facility rate at 7.50 percent per annum and the deposit facility rate at 5.50 percent per ...
Balance of payments and external debt – November 2024
Monday, January 20, 2025
In January – November 2024p, the balance-of-payments current account posted a deficit of EUR 26,301 million, compared with EUR 19,770 million in the same year-ago period. The breakdown shows that the deficit on trade in goods widened by EUR 3,824 million, the surplus on services fell by EUR 1,766 million, the primary income deficit increased by EUR 1,056 million, while the secondary income surplus grew by EUR 115 ...
PKO Bank Polski enters the Romanian market
Monday, January 20, 2025
Multinational banking and financial services company PKO Bank Polski has announced that as of 1 January 2025, its corporate branch has started ...
NN is Top Employer for the seventh consecutive year in Romania
Monday, January 20, 2025
NN, the leader of the life insurance and private pensions market in Romania, received the Top Employer 2025 certification for the seventh consecutive year. NN ranks second among top employers in Romania, up from fourth place last year as a result of its solid people-centric HR strategy, and NN Group ranks seventh in Europe based on certifications as Top Employer received by all international business ...
CEC Bank Selects Temenos to Power Retail and Corporate Banking
Monday, January 20, 2025
Temenos announced that CEC Bank, the third largest bank in Romania, has selected Temenos to modernize its retail and corporate core banking systems, ...
Romanian euro-denominated bonds eligible for international investors directly via Clearstream
Monday, January 20, 2025
International investors can now put their money in Romanian euro-denominated bonds directly via their Clearstream account, increasing liquidity on the domestic market, BRD Groupe Societe Generale announced on Tuesday, adding that Deutsche Börse Group's international central securities depository Clearstream has opened the euro link to the Romanian bond market. BRD Groupe Societe Generale acts as local depository partner for Clearstream, connecting in turn to the ...
UniCredit offers new financing solutions worth 2.3 billion euros for SMEs in Europe
Monday, January 20, 2025
UniCredit launches "UniCredit for CEE 2025", an umbrella, integrative framework with concrete financial solutions for account management and advice throughout Europe's Central and Eastern region, aimed at helping micro-enterprises and small businesses in the region to increase their productivity and competitiveness and to develop sustainable business models, through innovation and technology adoption.According to a press release sent on Tuesday, in ...
Pillar 2 mandatory private pension funds reach 30.3 billion euros
Monday, January 20, 2025
The 7 mandatory private pension funds (Pillar 2) reached a total value of 150.85 billion lei (30.3 billion euros) at the end of 2024, an increase of 19% compared to 2023, according to calculations by the Association for Privately Managed Pensions in Romania (APAPR).According to a press release on Tuesday, almost 30% of these sums represent the net gain from investments made by the pension fund managers, amounting to 44.3 billion lei (8.9 billion euros), in ...
Study: Tax changes and inflation increase Romanians' fear for future
Monday, January 13, 2025
Romanians are forced to look for alternatives to supplement their incomes, given the increasingly unstable economic climate, with rising inflation and tax changes that reduce purchasing power, the number of those looking for a second job has risen only in the last 7 days by 51.89%, this percentage being represented by new users, according to a study conducted by the platform DeLucru.ro.According to the researchers, political and economic instability is ...
Analysis: Rising global bond yields could worsen Romania's fiscal situation in 2025
Monday, January 13, 2025
The main risk in 2025 for Romania will be the continuous deterioration of the fiscal situation against the backdrop of rising global bond yields, which could affect economic stability and investor confidence, reveals an iBanFirst analysis published on Wednesday."The biggest risk for Romania in 2025 is not Trump's tariff policy, the recession in Germany or the war in Ukraine, but the continued deterioration of the fiscal situation in the context of increase ...
Gen Z Redefines Success: Why They Reject Financial Compromises
Monday, January 13, 2025
Young people from Generation Z want financial independence, but they are not willing to achieve it at any cost, prioritizing mental health, personal relationships and ongoing financial education. They also refuse to sacrifice personal balance in favor of quick wins. According to the study conducted by VSFA, Insights PulseZ, 50% of them consider financial stability essential, and 49% place a major ...
Credit Europe Bank (Romania) SA has finalized merger with parent bank
Monday, January 13, 2025
Credit Europe Bank (Romania) SA has finalized the merger with the parent bank, Credit Europe Bank NV, and as of January 1, 2025, Credit Europe Bank will operate in Romania as a branch of the Dutch bank, under the name Credit Europe Bank N.V. Amsterdam Bucharest branch, informs a press release.According to the cited source, this step represents a reference moment in the implementation of Credit Europe Bank's strategy to improve its operations by capitalizing ...
Banca Transilvania brings artificial intelligence to BT Pay
Monday, January 13, 2025
Banca Transilvania (BT) integrates artificial intelligence into BT Pay, the newest functionality of the application being the virtual assistant (BT Chat), BT informs in a press release.Thus, the virtual assistant provides BT Pay users with information about the application's functionalities, as well as about BT's products and services.Based on machine learning artificial intelligence, BT Chat transforms the way customers interact with BT ...
BNR:International reserves – December 2024
Monday, January 6, 2025
On 31 December 2024, the National Bank of Romania’s foreign exchange reserves stood at EUR 62,135 million, compared to EUR 61,174 million on 30 November 2024 and EUR 59,770 million on 31 December 2023. During the month, the following flows were recorded: EUR 7,601 million worth of inflows representing: changes in credit institutions’ foreign ...
Monetary indicators - November 2024
Monday, January 6, 2025
According to the National Bank of Romania data, at end-November 2024, broad money (M3) amounted to RON 720,942.4 million, up 2.0 percent (1.6 percent in real terms) month on month. In year-on-year ...
Garanti BBVA Romania builds a strong foundation for sustained growth
Monday, January 6, 2025
Garanti BBVA Romania has established itself as a robust player in the local banking market by financing green economy projects and prioritizing digital innovation. Business Review sat down with Mustafa Tiftikçioglu, the CEO, to discuss the lender’s strategic vision. Garanti BBVA recorded solid results in terms of both loans and deposits in the first half of 2024, reflecting the organisation’s ability to ...
The Most Popular Payment Methods in Romania Throughout 2024
Monday, January 6, 2025
As Romania continues to embrace digital transformation, the country’s payment landscape has evolved rapidly. A mix of traditional and modern payment methods caters to diverse consumer preferences, reflecting global trends while addressing local needs. In 2024, Romanians will have access to a variety of options, from cash and credit cards to cutting-edge digital wallets and cryptocurrencies. This article ...
KRUK Romania fostering financial balance among Romanians
Monday, January 6, 2025
Amid rising uncertainties and challenges in resource management, financial education has become a critical priority for ensuring the financial stability of romanians. The Debt Barometer 2024, an extensive study conducted by IRES in collaboration with KRUK Romania, highlights the pressing need to improve financial literacy across the population. The study underscores the significant challenges Romanians face in managing ...
Fitch worsens Romania's rating from stable to negative
Monday, December 23, 2024
Fitch Ratings has established Romania's long-term foreign currency rating at "BBB minus," but has worsened the outlook from stable to negative, which means that a new downgrade is possible, according to a press release of the financial rating agency.The next review by Fitch for Romania's rating was scheduled for February 2025, but the agency believes that recent developments in the country justify such a deviation from the calendar.The outlook revision reflects ...
Romanian Market Holds Steady: Election Shock Fails to Trigger Decade’s Worst Single-Day Decline
Monday, December 23, 2024
Analysis by Divo Pulitika, Fund Manager, InterCapital Asset Management. Since November 24, 2024, the Romanian stock market has been in the spotlight due to unprecedented political developments. These events culminated on December 6, 2024, when the Constitutional Court annulled the results of the first round of the presidential elections, citing allegations of Russian interference. This decision, which halted far-right candidate Calin ...