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Financial & Banking

Minutes of the monetary policy meeting of the National Bank of Romania Board on 5 July 2024

Monday, July 22, 2024

The National Bank of Romania Board members present at the meeting: Mugur Isarescu, Chairman of the Board and Governor of the National Bank of Romania; Leonardo Badea, Board member and Deputy Governor of the National Bank of Romania; Eugen ...

Balance of payments and external debt – May 2024

Monday, July 22, 2024

In January – May 2024p, the balance-of-payments current account posted a deficit of EUR 9,175 million, compared with EUR 6,879 million in January – May 2023. The breakdown shows that the deficit on trade in goods widened by EUR 1,428 million, the surplus on services fell by EUR 710 million, the primary income deficit increased by EUR 714 million, while the secondary income surplus grew by EUR 556 ...

New law mandates card payments in Romania: How do myPOS payment solutions help Romanian businesses?

Monday, July 22, 2024

  All merchants, authorized individuals and legal entities, are now obliged to accept electronic payments under Law 406/2023 which amends GEO 193/2002.   The unique feature of myPOS solutions offers merchants the benefit of instant settlement of funds within seconds at no additional cost, allowing them to use their money ...

EBRD backs leading Romanian tech firm in €38 million offering

Monday, July 22, 2024

EBRD makes minority equity investment in AROBS Transilvania Software S.A. EBRD investment is part of larger share offering of €38 million (RON 189.3 million) Aim is to support the company pursue its regional growth ...

Chairman Of Intesa Sanpaolo Board Of Directors Welcomes The First Bank Team

Monday, July 22, 2024

Gian Maria Gros-Pietro, Chairman of the Board of Directors of the Intesa Sanpaolo Group, and Paola Papanicolaou, Chief of the Group’s International Subsidiary Banks Division, accompanied by members of the Group’s management, recently paid a two-day visit to Romania.   Intesa Sanpaolo, a leading European banking Group, already present in the country through Intesa Sanpaolo Bank Romania, ...

Listing of companies on local capital market represents important factor for stability of Romanian economy

Monday, July 22, 2024

The listing of companies on the Bucharest Stock Exchange (BVB) represents an extremely important factor for the consolidation and development of the local capital market, but also for the stability of the Romanian economy, according to a press release from the Financial Supervisory Authority (ASF).ASF reminds, in the context, that it is running an extensive process of modernization of the regulatory framework, which will lead to the consolidation of the role ...

Competition Council authorizes takeover of OTP group from Romania by Banca Transilvania

Monday, July 22, 2024

The Competition Council authorized the transaction by which Banca Transilvania intends to take over the companies OTP Bank Romania, OTP Leasing Romania IFN, OTP Asset Management Romania SAI, OTP Factoring and its subsidiaries - OTP Consulting Romania, OTP Advisors and Fundatia OTP Bank Romania.Banca Transilvania is the main company of the Banca Transilvania Financial Group, which offers financial services in Romania, such as banking services, investment ...

Hidroelectrica celebrates 1 year since historic 2023 stock listing

Monday, July 15, 2024

Hidroelectrica (H2O), leader in the production of electricity and the main provider of technological services needed in the National Energy System, today celebrates one year since its historic listing in 2023 on the Bucharest Stock Exchange (BVB).   On July 12, 2023, H20 shares started trading following the successful conclusion of the largest initial public offering (IPO) ever made at the BSE in an ...

Eurohold announces arbitration ruling confirming legality, enforceability of EIG Re - Euroins Romania reinsurance contract

Monday, July 15, 2024

 The International Court of Arbitration has ruled to confirm the legality and enforceability of the reinsurance contract between Bulgarian non-life insurance company EIG Re, a subsidiary of Eurohold Group, and Euroins Romania, Eurohold said in a release on Tuesday, explaining that the management of Euroins Insurance Group continues its due process of defending the interest of all stakeholders and policyholders."On July, 2 2024, the International ...

Agra Asigurari announces record figures for damage claims

Monday, July 15, 2024

Agra Asigurari, the national leader in agricultural insurance, announces record numbers regarding damage claims for the agricultural year 2023-2024. In total, over 2400 damages have been reported due to the recent extreme meteorological phenomena Romania has faced.   June of this year marked a record regarding the total number of claims registered in a month. Over 1000 insured farmers reported significant damages to ...

ASF submits to Ministry of Finance revises form of draft law on issuance of financial instruments and operations

Monday, July 15, 2024

  The Financial Supervision Authority (ASF) submitted to the Ministry of Finance the revised form of the draft law for the amendment and completion of Law 24/2017 on the issuance of financial instruments and market operations, according to a press release .According to the same source, the revised form of the draft law was approved by the Council of the Authority in the meeting of June 11, 2024.The draft law will follow the approval ...

Competition Council Approves Otto Group’s Acquisition Of BRD Finance Portfolio

Monday, July 15, 2024

The Competition Council authorized the transaction by which the Otto Group, through the companies EOS Credit Funding DAC and EOS Finance IFN S.A., intends to take over a portfolio of performing and non-performing loans from BRD Finance IFN S.A.   The receivables portfolio includes all receivables resulting from all loan contracts concluded by BRD Finance IFN S.A. with his ...

Romania Secures Record €4 Billion In EIB Funding In One Year

Monday, July 15, 2024

Romania recorded a record last year, attracting financing of approximately 1.3% of the Gross Domestic Product (GDP) from the European Investment Bank (EIB).   Last year, Romania recorded a record level of financing obtained from the EIB Group, with a total of financial commitments worth 4.1 billion euros, the highest level so far, ...

tbi bank and the broker Pint.ro are partnering to offer Romanians insurance

Monday, July 15, 2024

The current economic and social context has increased the need for Romanians to have access to more efficient financing instruments, including in the area of insurance, where the cost of insurance policies has been increasing in recent years. tbi bank, one of the leading challenger banks in South-East Europe, offering flexible payment solutions, has formed a partnership with one of the most dynamic insurance brokers in Romania, Pint.ro Broker de ...

NBR Board decisions on monetary policy

Monday, July 8, 2024

In its meeting of 5 July 2024, the Board of the National Bank of Romania decided the following: to cut the monetary policy rate to 6.75 percent per annum from 7.00 percent per annum starting 8 July 2024; to lower the lending (Lombard) facility rate to 7.75 percent per annum from 8.00 percent per annum and the deposit facility rate to 5.75 percent per annum from 6.00 ...

International reserves – June 2024

Monday, July 8, 2024

  On 30 June 2024, the National Bank of Romania’s foreign exchange reserves stood at EUR 64,392 million, compared to EUR 65,072 million on 31 May 2024.   During the month, the following flows were recorded:   EUR 1,964 million worth of inflows representing: changes in credit institutions’ foreign ...

The Ministry of Finance (MF) attracted over RON 2 bn from the population in the June 2024 edition of the Fidelis program

Monday, July 8, 2024

Blood donors bought Fidelis government bonds worth almost RON 274 mn, at an interest rate of 7% p.a.  The government bonds issued in this offer were listed on Thursday, July 4, at the Bucharest Stock Exchange, where they are traded transparently, through authorized ...

The link between €8 billion in uncollected VAT and CO2 emissions

Monday, July 8, 2024

According to a European Commission report, in 2021, member states lost around 61 billion euros in uncollected VAT, of which over 8 billion in Romania alone. Our country thus ranked third among European states in terms of non-collection of VAT, i.e. the difference between forecasted and actual VAT revenues.   In this context, after Romania introduced the e-invoice from January 1, 2024 – the mandatory inter-firm ...

tbi bank capitalized its 2023 profit to support future growth

Monday, July 8, 2024

tbi bank, one of the leading challenger banks in South-East Europe, announces that it has capitalized its entire consolidated net profit for 2023 for the amount of 42.5 million euro.   tbi’s profit for the first six months of 2023 has already been capitalized upon approval by the Bulgarian National Bank at the end of 2023. Now, tbi bank’s shareholders decided to also reinvest the profits from H2 2023, supporting ...

Assets of voluntary pension plans, up more than 29pct in May 2024

Monday, July 8, 2024

   Voluntary pension plans had assets worth RON 5.19 billion at the end of May, up 29.4% year-on-year, according to a report by the Financial Oversight Authority (FSA)."Most investments were made locally (96%), most of them being denominated in the lcoal currency, the leu (89.5%)," the report mentions.According to the quoted source, the value of the contributions paid in May was RON 59.7 million, while the average contribution ...

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