RSS
Financial & Banking
FinMin Teodorovici: European Commission to support Romania in combating VAT fraud
Monday, October 8, 2018
The European Commission will support Romania in combating VAT fraud, given that the country has a 35.88pct gap in this segment, Finance Minister Eugen Teodorovici announced after Tuesday's meeting with European Commissioner Pierre Moscovici, according to a press release from the Ministry of Public Finance.During the meeting, Minister Teodorovici presented the main elements of the fiscal-budgetary policy for 2018 and 2019, including the measures taken and envisaged ...
Two our of five households confirm they can hardly cope with current expenses
Monday, October 1, 2018
Two out of five households (38.9%) say they can hardly cope with current expenses and if we take into account those who declare a certain difficulty in covering daily expenses, the percentage grows to 81.6% of total households, according to a document recently published by the National Statistics Institute. For one out of five households, current expenses do not create special problems and can be easily overcome. “To ...
Overdue lei loans, down 3.1pct, overdue forex loans, down 2.36pct in August 2018
Monday, October 1, 2018
The total amount of overdue household and corporate loans granted in lei reported in August 2018 is 4.882 billion lei, down 3.10 percent from July 2018, while overdue forex loans fell by 2.36 percent, to 3.189 billion lei, according to a report released by the National Bank of Romania (BNR) on Wednesday.Total lei loans were standing at 160.351 billion lei in August (0.68 percent more than in the previous month), of which 64.807 billion were taken out by businesses ...
Mandatory private pension plans report August 2018 assets of nearly 45.8 billion lei, up 21pct
Monday, October 1, 2018
Romania's mandatory private pension plans had assets of 45.8 billion lei as of August 31, 2018, up 21.44 percent from August 2017, according to data with the Financial Oversight Authority (ASF).Government bonds made up the largest share of the assets, at 28.14 billion lei and a 61.42 percent share. The second largest component was stocks, worth 8.49 billion lei (18.54 percent). Bank deposits ranked third, at 4.42 billion lei and 9.65 percebt of the total ...
FTSE Russell keeps Romania on watch list for potential reclassification
Monday, October 1, 2018
Romania has been kept by FTSE Russell on the watch list of countries for possible reclassification from Frontier to Secondary Emerging market, the Bucharest Stock Exchange (BVB) reported on ThursdayAccording to BVB, market liquidity in Romania is said to be sufficiently broad to support sizeable global investment, with an upgrade from Not Met to Restricted, following an uptick in broad market liquidity.FTSE Russell released on September 26, 2018 its ...
Corporate, retail deposits up 1.3pct, in August
Monday, October 1, 2018
The deposits of non-government clients rose by 1.3pct in August 2018 compared to July 2018, up to the level of 314.293 billion lei, while compared to August 2017 these increased by 10.5pct and 5.2pct in real terms, according to the data made public by the National Bank of Romania on Tuesday.Retail deposits in lei decreased by 0.3pct, to 114.489 billion lei. Compared to August 31, 2017, these deposits increased 6.1pct (1pct in real terms).The ...
Non-government loans, up 6.6 percent in August 2018, year-over-year
Monday, October 1, 2018
Non-government loans registered an increase of 6.6 percent (1.5 percent in real terms) on 31 August 2018, as opposed to 31 August 2017, on account of the 14.1 percent increase RON-denominated loans (8.6 percent in real terms) and a decrease of 5.1 percent in foreign currency-denominated loans expressed in RON (when expressed in Euro, the foreign currency-denominated loans decreased by 6.2 pct) according to data of the Romanian National Bank.RON-denominated loans to the ...
Romanians lose RON 7 bln per year only from current accounts at current inflation level
Monday, October 1, 2018
Romanians are losing RON 7 billion per year only from their current accounts at the current inflation level, Financial Supervisory Authority (ASF) vice-president Mircea Ursache said on Tuesday, cited by Agerpres, http://business-review.eu informs. ” We have RON 150 million in current accounts with practically zero interest. At an inflation rate of 5 percent per year, Romania’s population loses RON 7 ...
FondulProprietatea: Exemption from application of corporate governance in state companies throws Romania in 'total darkness time'
Monday, October 1, 2018
Fondul Proprietatea criticizes the resuming of the talks in Parliament regarding a new draft law on the exemption from the application of corporate governance in several state companies and specifies in a release that 'we will enter a time of total darkness wherein we shall know nothing about these companies' performance.' 'Fondul Proprietatea expresses its major worry regarding a new draft law, currently discussed upon in the select committees of the Chamber ...
PwC: Over 6 bln euro losses from uncollected VAT in Romania, solution is modern collection IT technologies
Monday, October 1, 2018
The collection deficit of the value-added tax (VAT) grew in 2016 against 2015 in Romania, and the noncompliance in the VAT matter went up, although the standard rate for this tax curtailed from 24pct to 20pct, a release of the PwC informs.'In 2016, Romania ranked again last as regards the VAT collection degree among all the EU member states, the VAT collection deficit parking at 35.88pct. Worrisome is that the cashing deficit of the VAT went up in 2016 against the ...
CFA Romania: EUR to reach record level, 3-month ROBOR Index anticipated at 3.88pc in the next 12 months
Monday, October 1, 2018
Economic analysts anticipate that the European currency will reach a record level in the coming period, romaniajournal.ro reads. The Macroeconomic Confidence Index, calculated as based on the organization members’ estimations, increased in August by 4.9 points to 50 points against the previous month, the figures released on Monday by CFA Romania reveal. Analysts thus anticipate that the EUR could exceed the level of RON 4.72 in the next 12 ...
FinMin announced tax amnesty in October
Monday, October 1, 2018
Finance Minister Eugen Teodorovici has announced that the tax amnesty would be renamed financial restructuring, while its mechanism will be concluded in October, romaniajournal.ro informs. „Let’s call it a financial restructuring, not amnesty, which, next to insolvency, is providing benefits to the business environment”, minister Teodorovici told Antena 3 private broadcaster. He added the restructuring ...
FinMinTeodorovici: The reserve fund is now at 1, 2 billion lei; the buffer is higher than in December 2017
Monday, September 24, 2018
The reserve fund at the disposal of the government reached approximately 1.2 billion lei, stated on Monday in a press conference the minister of public finances Eugen Teodorovici by underlying that as regards the buffer ( the reserves in foreign currency of the treasury) they are higher than at the end of 2017 but they have a different structure.At the beginning of this month, before the budgetary revision the minister of finances announced that the ...
ProCredit Bank signs 60 million Euro financing agreement with European Investment Fund, for agriculture
Monday, September 24, 2018
ProCredit Bank Romania signed a financing agreement worth 60 million Euro with the European Investment Fund (EIF), dedicated to the agricultural and rural sector, which is part of a first mandate of the Funds for Agriculture in Romania, according to a press release, sent to AGERPRES, on Friday.ProCredit Bank will offer Romanian farmers European Funds for Agricultural Development (FEADR) in order to support the growth of the agricultural sector and businesses ...
EC Study: EU countries lost almost €150 billion in Value-Added Tax (VAT) revenues in 2016
Monday, September 24, 2018
The so-called 'VAT Gap' shows the difference between the expected VAT revenue and the amount actually collected. While Member States' have carried out a lot of work to improve VAT collection, today's figures show that reform of the current EU VAT system combined with better cooperation at EU level are needed so that Member States can make full use of VAT revenues in their budgets. Pierre Moscovici, Commissioner for Economic and ...
EBRD finances Romanian mobility provider Autonom
Monday, September 24, 2018
€5 million loan to dynamic car rental services provider Company aims to expand car fleet to meet growing demand Autonom joins EBRD programme for firms with high-growth potential Reinforcing its commitment ...
EBRD loan to modernise water and wastewater services in five Romanian counties
Monday, September 24, 2018
€25 million to improve water and wastewater services Upgrades to benefit over 400,000 households Loan to be provided in two tranches, alongside EU cohesion grants Romanian citizens and the ...
SMEs Council: the new draft bill on pensions is ‘a time bomb’
Monday, September 24, 2018
The pensions increase by 61% in 2020 is “an electoral present which will lead to economic imbalances, it is a time bomb,” the Honorary President of the National Council of Small and Medium Sized Private Enterprises in Romania (CNIPMMR), Ovidiu Nicolescu, has said on last Monday. “In 2020, as general elections are scheduled, and the votes of more than 4 million pensioners are aimed, an electoral present will be made, impossible to ...
Eurostat: Annual inflation, highest rate registered by Romania
Monday, September 24, 2018
The euro area annual inflation rate was 2.0% in August 2018, down from 2.1% in July 2018. A year earlier, the rate was 1.5%. European Union annual inflation was 2.1% in August 2018, down from 2.2% in July. A year earlier, the rate was 1.7%. These figures are published by Eurostat, the statistical office of the European Union. The lowest annual rates were registered in Denmark (0.8%), Ireland and ...
Tradeville Survey: Romania ranks first in terms of dividend yields worldwide in 2017
Monday, September 24, 2018
Offering dividend returns to investors of 7-8 percent in 2017, well above the European average of 2-3 percent, Romania is ranked first in a worldwide survey by Tradeville. The survey estimates that in 2018 private equity companies will maintain the same profit distribution rate. For companies where the Romanian state has a majority stake, the analysis followed two scenarios: with a 50 percent distribution rate, investors would earn 7.67 percent, while ...