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Financial & Banking
UniCredit projects for Romania economic slowdown to 1% next year
Monday, October 3, 2022
Romania's GDP could add around 6.4% this year, but next year's growth could dip to just 1.0%, with risks to the downside, according to the latest edition of UniCredit Bank's CEE Market Strategy report. While the cost of energy subsidies and transfers to energy companies could be around 5% of GDP, additional revenues from energy companies might surpass RON 50 bln (3.6% of GDP) and, thus, ...
Survey: Banks have become the leading industry in Romania
Monday, October 3, 2022
Banks registered the highest growth in customer satisfaction scores, becoming the leading industry in Romania in terms of customer satisfaction, shortly followed by grocery retail Romanian companies are still not differentiating from the perspective of experience offered to their customers Customer satisfaction leads to increased ...
EBRD sees Romania’s growth slowing down to 1.9% in 2023, from 5.4% this year
Monday, October 3, 2022
The European Bank for Reconstruction and Development (EBRD) updated its economic forecast for Romania, projecting growth rates of 5.4% this year and 1.9% in 2023 - compared to 2.5% and 3.0%, respectively, envisaged in May. Romania’s relatively lower exposure to the Russian gas shutdown provides it with some protection, but its industry and the large firms will be ...
IFC invests 458 million dollars until June 2022 to support the development of the private sector in Romania
Monday, October 3, 2022
Despite the economic challenges of the COVID-19 pandemic and the Russian invasion of Ukraine, IFC ramped up support for Romanian companies with a record investment of $458 million in fiscal year 2022—between July 2021 and June 2022—to protect jobs, support small businesses, and accelerate a green and resilient recovery. To help drive the nation’s fight against climate change, IFC ...
BNR: Monetary indicators - August 2022
Monday, September 26, 2022
According to the Central Bank (BNR) data, at end-August 2022, broad money (M3) amounted to RON 576,812.8 million, up 0.1 percent (down 0.4 percent in real terms) month on month. In year-on-year comparison, ...
Launch of EU-funded follow-up programme to further support central banks and banking supervisory agencies from the Western Balkans
Monday, September 26, 2022
The Deutsche Bundesbank, together with 19 national central banks of the European System of Central Banks (ESCB) and the European Central Bank (ECB), have launched an EU-funded programme to benefit the Bank of Albania, the Central Bank of Bosnia and Herzegovina, the Banking Agency of the Federation of Bosnia and Herzegovina, the Banking Agency of Republika Srpska, the Central Bank of the Republic of Kosovo, the Central Bank of Montenegro, the National Bank of the ...
Value of financing through the Stock Exchange reaches 1.5 billion euros this year
Monday, September 26, 2022
The value of financing through the Stock Exchange reached 1.5 billion euros this year, compared to 2 billion euros in 2021, a situation that can be deemed as satisfactory, Radu Hanga, the President Of The Board Of Directors at Bucharest Stock Exchange said on Thursday at the Made in Romania Gala.He said that the Romanian market is resilient, and this is due on the one hand to the fact that the energy sector is present on the Stock Exchange, but on the ...
Bitcoin Romania targets between 75-100 new crypto-ATM franchises by the end of the year
Monday, September 26, 2022
Bitcoin Romania, the leader of the crypto-ATM market in Eastern Europe and the owner of the largest local cryptocurrency trading platforms, targets to develop with the support of its partners its network of 150 ATMs by the end of the year and reach 250-300,000 customers in the trading platform. Among the most accessible places where the customers can make transactions at ...
EBRD closes EUR 25 M deal with Banca Transilvania
Monday, September 26, 2022
European Bank for Reconstruction and Development (EBRD) has granted EUR 25 million loan to Banca Transilvania. The financing is intended to sustain Banca Transilvania’s lending capacity to Romanian companies affected by the war in Ukraine, as part of the EBRD’s EUR 2 billion Resilience and ...
EximBank participates in drafting Initial Memorandum for Romania's accession to OECD
Monday, September 26, 2022
EximBank participates in the drafting of the Initial Memorandum for Romania's accession process to the Organization for Economic Cooperation and Development (OECD), being the only specialized financial institution with the role of promoting exports, in accordance with the standards of the OECD Agreement on export credits that benefit from official support, according to a press release from the bank."EximBank actively contributes to the achievement of ...
Digital Payments Index 2021: In Romania, 2 out of 5 adults unbanked
Monday, September 26, 2022
The share of the banked population in Romania is 60%, while the level of use of basic financial services is the lowest in Europe, according to the Digital Payments Index 2021, a methodology developed by Mastercard, according to the company's press release.A major premise for the population's access to financial services is the payment infrastructure. According to the Digital Payments Index 2021, a methodology developed by Mastercard, which analyzes the ...
CEC Bank: Multicurrency Card launched in Romania
Monday, September 26, 2022
CEC Bank has launched multicurrency card. With one Card – Visa Multicurrency – customers have direct access to accounts in ten currencies and can make payments to merchants and withdrawals without fees and costs associated with currency exchange. A multi-currency card comprises several accounts in various different currencies. When making a payment, the card automatically recognizes the ...
Agra Asigurari launched the first platform dedicated to insurance brokers for issuing agricultural policies
Monday, September 26, 2022
Agra Asigurari, the company that introduced digitalization in the agricultural insurance sector, has announced the launch on the Romanian market of the platform dedicated to brokers for issuing agricultural policies. The program streamlines the insurance process, ensuring efficient customer management and a work process that eliminates ...
Binance founder announces office in Romania
Monday, September 26, 2022
Changpeng Zhao, the founder of the largest cryptocurrency broker in the world, Binance, recently visited Romania and announced the opening of a local office and a customer support service in Romanian. The move is part of Binance’s plans to expand into Eastern Europe. The crypto broker already covers roughly half of the crypto market and has 120 million people around the world using it to buy and sell ...
Erste study: Romanians turned more inclined to save
Monday, September 26, 2022
Almost half (47%) of Romanians have curtailed their spending during the last year due to the increase in prices, and a quarter set aside money for education and professional training, according to the "Money Matters" study carried out annually by Erste Group. Research data reveals that 77% of respondents are currently saving money for potential emergencies and unforeseen expenses, while 74% are saving to have a cash ...
Over 1 million transactions performed through BVB in the first 8 months and over 100000 investors
Monday, September 26, 2022
Over 1 million transactions were carried out through the Bucharest Stock Exchange (BVB) in the first 8 months of this year, almost 42% more than in the same period last year. More than 117,000 investors are present on the Romanian stock market, according to the FCI data at the end of the first ...
Popa (BNR): The inflationary shock comes from the shock of energy markets
Monday, September 19, 2022
The inflationary shock comes from the shock of the energy markets, and monetary policy is not the answer to any problem of society, says Cristian Popa, Member of the Board of Directors of the national Bank of Romania (BNR). “The backdrop of overly stimulating monetary and fiscal policies in the pandemic, on which this shock arose, along with problems in supply chains and war, certainly favored the ...
EBRD lends €50 million to UniCredit Bank Romania to support Romanian business
Monday, September 19, 2022
EBRD lends €50 million in Romanian lei to UniCredit Bank Romania Loan will help bank further increase on-lending to businesses impacted by war on Ukraine EBRD has pledged €2 billion to support companies and countries affected by the ...
Banca Transilvania plans EUR 1 bln bond issues over the next ten years
Monday, September 19, 2022
The Managing Board of Banca Transilvania (BVB: TLV) invited shareholders on October 18 to approve a programme of bond issues, with “a flexible structure, through several separate issues,” worth a total of EUR 1 bln, to be carried out over the next ten-year period. The individual issues would be denominated in euros, local currency (RON) or another currency, as the case may be, under market ...
CEC Bank lends 30 mln lei to agri group Rodbun
Monday, September 19, 2022
Romanian savings bank CEC said it is lending 30 million lei ($6.1 million/6.09 million euro) to local agricultural group Rodbun. The loan comes as part of a partnership between the state-controlled CEC Bank and Rodbun, the bank said in a press release on Wednesday. The company received an extra 278 million lei in 2021 through a syndicated loan, of which CEC was a ...