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Financial & Banking

Survey: European consumers prefer cashless payments

Monday, October 12, 2020

Cash is losing ground in Europe, given that 36% of respondents to the Payments and Open Banking survey, conducted by Strategy&, part of the PwC network, say they use cash in 2020, 7 percentage points less than two years ago. However, consumers’ reorientation towards cashless payments is not reflected in an increase in their willingness to share personal data with third parties – a condition for the development of “open ...

BNR has joined the Network of Central Banks and Supervisors for Greening the Financial System

Monday, October 5, 2020

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National Bank of Romania (BNR) has become a member of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). NGFS was established by eight central banks and supervisors in December 2017 at the One Planet Summit in Paris to strengthen the global response required to meet ...

BNR: International reserves – September 2020

Monday, October 5, 2020

On 30 September 2020, the National Bank of Romania’s foreign exchange reserves stood at EUR 32,588 million, compared to EUR 35,768 million on 31 August 2020. During the month, the following flows were recorded:   EUR 304 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, inflows ...

EBRD worsens prognoses about Romania's economic evolution in 2020 and 2021

Monday, October 5, 2020

EBRD has worsened its estimates on Romania's economic evolution in 2020 and 2021, as a result of the crisis triggered by the coronavirus pandemic, according to a report released on Thursday by the international financial institution.   According to the latest EBRD provisions, Romania's economy will register this year a 5% drop, compared to a 4% decline foreseen in May. For 2121, EBRD is expecting a 3% ...

Finance Minister announces OUG to regulate simplified 12-month phased payment of budget liabilities

Monday, October 5, 2020

Public Finance Minister Florin Citu announced that an emergency ordinance is in the works to regulate the simplified 12-month phased payment of the budget liabilities accumulated since the coming in force of the state of emergency until October 25, 2020, inclusive."As some of the forbearance measures expire on October 25, and also given that there are economic sectors that have not yet recovered one hundred percent, we are preparing this ordinance that will ...

The Romanian market of investment funds, affected by crisis, will resume growth in the second part of the year

Monday, October 5, 2020

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The market for investment funds in Eastern Europe, including Romania represents only 1% of the total of European market which at half year surpassed 17 trillion euro, states Thomas Tilley, senior economist with the European Association of the Funds Administrators  (EFAMA) whihc mentions that the Romanian market of investment funds, affected by the crisis in the first months of the year, will resume growth in the second half of the ...

Euler Hermes study: Romania has a high risk of inflation overshooting

Monday, October 5, 2020

The Covid-19 pandemic marked a turning point for ‘unconventional’ monetary policies in Emerging Markets (EMs), several of which embarked on government bond purchase programs to address market dislocations and ease monetary conditions in the short run, according to a Euler Hermes study.  However, debt sustainability and inflation are the biggest risks ahead, especially for Brazil, Costa Rica, India, Turkey and ...

BCR, BRD-GSG and Raiffeisen Bank, equal-shareholders in CIT ONE

Monday, October 5, 2020

Banca Comerciala Romana (BCR, Romanian Commercial Bank), BRD - Groupe Societe Generale and Raiffeisen Bank Romania have completed the tripartite transaction by which they hold an equal share of 33,(3) pct in CIT ONE, one of the most important integrated transport, processing and value storage services companies on the Romanian market, announced the banks on Thursday.The transaction was authorised by the Competition Council, with the three banks firmly committed to ...

Quarterly Consumer Credit Reference Index falls to 2.17% per year

Monday, October 5, 2020

The key indicator for loans for consumers (IRCC) is higher than ROBOR as the decision to modify IRCC led to the calculation of some interests which happened almost six months before, this being a non-inspired, inappropriate decision, politically driven, stated the spokesperson of the BNR Dan Suciu. ‘The decision to modify the key indicator for the loans of creditors (IRCC) led to the calculation of interests which ...

Deloitte : Lending could recover in 2021 with the help of regulatory support measures

Monday, October 5, 2020

Banks in Central and Eastern Europe expect new loan disbursements to rebound in 2021, supported by regulatory measures aiming to sustain the lending activity, after a significant year-on-year decrease in 2020, according to COVID-19 CEE banking sector impact ...

EUR 4.1 bln soft loans under SURE to support employment

Monday, October 5, 2020

Romania can use loans up to EUR 4.1 billion, at affordable interest rates, after the EU Council approved the EUR 87.4 bln financial support for 16 member states on September 25.   The support comes in the form of loans under SURE - a temporary EU instrument designed to mitigate unemployment risks during the COVID-19 crisis. Of the 87.4 billion euros granted at European level, Romania will benefit from ...

Historic moment Emerging Romania: The Romanian capital market becomes Emerging Market

Monday, September 28, 2020

It’s a historic moment for the Romanian capital market, which is included in the Emerging Markets indices of the global index provider FTSE Russell, starting from September 21st, 2020. It’s been 25 years since the reopening of the Romanian stock exchange and now Romania is welcomed in an unprecedented investment universe: new investment funds that manage billions of euros will be able to invest in the companies listed on the Bucharest Stock ...

Public statements regarding the historic moment of Emerging Romania

Monday, September 28, 2020

Romania’s inclusion in the Emerging Market indices, as of September 21st, 2020, by the global index provider FTSE Russell is a historic moment for the local stock exchange, reverberating strong echoes in the political, institutional, and business environments.   The promotion of Romania to the Emerging Market status after 25 years from ...

AmCham: Romania’s capital market upgrade to emerging market status sends a positive signal to investors

Monday, September 28, 2020

AmCham Romania joins private partners and the authorities in welcoming Romania’s upgrade to secondary market status by FTSE Russell, the world leader in stock market indexes classification. This marks the achievement of a shared strategic goal pursued with dedication by the private stakeholders and regulatory authorities alike.   “AmCham Romania primarily focuses on ...

Leonardo Badea (BNR): Financing through the local capital market, which today was effectively promoted to the status of emerging secondary market, is one of Romania's opportunities for development

Monday, September 28, 2020

“The effective promotion of the Romanian capital market to the status of emerging secondary market by FTSE Russel financial evaluation agency is the result of the worthy efforts in recent years of the entire local community involved in its development.   The effects are both direct (the inclusion of local companies in a series of international indices pursued by a class of larger investors compared ...

Burduja (MFP): It will be probably a minimum of 2 years before the National Bank for Development gets back on its feet

Monday, September 28, 2020

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The National Bank for Development will need at least two years to ‘ be back on its feet’ Romania being the last country in the EU which does not have such a bank for development, stated on Wednesday Sebastian Burduja, state secretary in the ministry of public  finances during the second edition of the Summit of Funds Administrators.   ‘There is much work to do. There were many ideas ...

ASF has a main objective to ensure stability and good functioning of the market for financial instruments

Monday, September 28, 2020

The Authority for Financial Supervision (ASF) has as main objective to ensure stability, competitiveness and good functioning of the markets for financial instruments, stated the chairman of the Authority, Nicu Marcu, in his message sent to the Summit for Funds Administrators in Romania.‘First, I have to congratulate  BVB on getting the statute of emerging market. For the Romanian economy and for the domestic ...

Steven Van Groningen resigns from the board of nominees of Fondul Proprietatea

Monday, September 28, 2020

Franklin Templeton International Services S.À R.L, in its capacity as alternative investment Fund Manager and sole director (the “Fund Manager”) of Fondul Proprietatea S.A. (the “Fund”), informed that Steven van Groningen had resigned from his positions held within the Fund’s Board of Nominees (the “Board”) and its Consultative Committees. The effective date of the resignation is 13 November ...

Groupama Asigurari has launched travel insurance for destinations in Romania

Monday, September 28, 2020

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Groupama Asigurari, one of the leaders of the Romanian insurance market, has launched travel insurance in Romania, a product designed to meet the current needs of Romanians in terms of holidays. According to the company, they are now more interested in domestic travel, given the context of the coronavirus pandemic and travel restrictions imposed by other countries. Thus, Groupama Asigurari supports its customers in a difficult and marked moment of unpredictability, in which ...

Romania misses out on 33% of VAT revenues due

Monday, September 28, 2020

By Daniel Anghel, Tax and Legal Services Leader PwC Romania | Head of Indirect Taxes PwC CEE  Romania only collects about two thirds of the VAT due to its state budget every year, according to a European Commission report who notes that under-collection of VAT causes states difficulties in performing their main function, providing public services. The indicator used by the EC measures the difference ...

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