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Financial & Banking

New pension law opens perspective for 5.4% of GDP deficit in 2021

Monday, July 22, 2019

The adoption and enforcement of the new pension law opens the perspective for the increase of Romania’s budget deficit to 5.4% of the gross domestic product (GDP) in 2021, according to BCR chief economist Horia Braun. The main theme in the following period is how we can adjust this deficit, Braun said in a press conference. “From our estimates, the budget deficit will easily pass the 5% of GDP threshold in 2021, ...

FinMin Teodorovici: Solidarity tax to apply to all high pensions

Monday, July 22, 2019

The future solidarity tax that the ruling Social Democratic Party (PSD) wants to introduce will apply to all high pensions in Romania, not just to the special pensions but to some categories of former state employees, finance minister Eugen Teodorovici said on Tuesday, July ...

Positive evolution of private pension system in first quarter of 2019

Monday, July 22, 2019

The private pension system had a positive evolution in the first quarter of 2019 and the statistical data related to the first quarter of 2019 are eloquent in this respect: 7.79 million participants and 53.21 billion lei assets under management, up 7.28pct from December 2018, accounting for 5.5pct of GDP, said Dan Armeanu, vice-president of the Financial Supervision Authority (ASF) - Private Pensions System sector."A decade since its establishment, the private ...

Paysera launches in Romania

Monday, July 22, 2019

Paysera, a Lithuanian fintech platform providing free bank accounts in over 30 currencies at once and low-fee money transfers to any country in the world, is now available for Romanian customers.  Paysera was launched in 2004 and has been regulated by the Bank of Lithuania since 2011. In 2012, it obtained a license to issue electronic currency. The company says that businesses and individuals will have some of the best FX ...

Euroins and VouchForMe launch a CASCO insurance with a deductible franchise

Monday, July 22, 2019

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Euroins Romania and VouchForMe launched a new and unique car insurance product: facultative motor insurance with a deductible franchise that is guaranteed by the insurance client’s social network. By using this approach, significant discounts can be given and the CASCO insurance becomes more accessible. The Euroins CASCO product is a novelty on the market introducing the system of a third-party franchise, and Euroins is the first insurance ...

EY Romania survey : Environmental Fund Administration tax system is not clear or correlated to economic reality

Monday, July 22, 2019

The identification of all tax contributions to the Environmental Fund Administration (AFM) remains a major problem among companies, although the provisions on these taxes and contributions are in force in 2005, according to an EY Romania survey conducted in June 2019. The survey aimed to measure the impact of the latest legislative changes on the Romanian business environment, with specific reference to contributions and ...

Minutes of the monetary policy meeting of the National Bank of Romania Board on 4 July 2019

Monday, July 15, 2019

The National Bank of Romania Board (BNR) members present at the meeting: Mugur Is?rescu, Chairman of the Board and Governor of the National Bank of Romania; Florin Georgescu, Vice Chairman of the Board and First Deputy Governor of the National Bank of Romania; Eugen Nicol?escu, Board member and Deputy Governor of the National Bank of Romania; Liviu Voinea, Board member and Deputy Governor of the National Bank of Romania; Marin Dinu, Board member; Daniel D?ianu, Board member; ...

Isarescu presented the 2018 BNR Annual Report

Monday, July 15, 2019

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Banks have money, but they cannot lend to poorly capitalized companies, that cannot give the money back, so the solution is enterprise reform and the rebuilding of confidence between the business environment and the banking sector, Mugur Isarescu, governor of the National Bank of Romania (BNR) told a press conference last Thursday.Isarescu presented on Wednesday the 2018 BNR Annual Report and extensively addressed the subject of the relationship between banks, the ...

EY Romania: Fiscal amnesty should have exceptional character

Monday, July 15, 2019

Fiscal amnesty should have an exceptional character because granting such a restructuring repeatedly risks to be counter productive  and may lead to the conclusion that the non payment of fiscal obligations in due time could be a financing strategy, EY Romania specialists consider. “It goes without saying that rulers are trying to solve the problem of budget deficit through this method.  Is this draft law the solution found by rulers to ...

Banca Transilvania strengthens its top position in the Romanian banking sector, followed by BCR and BRD

Monday, July 15, 2019

Banca Transilvania has strengthened its first position by assets in the Romanian banking system as it overtook BCR following the acquisition of Bancpost, according to fresh central bank data. The annual report of the National bank of Romania (BNR) shows that Banca Transilvania had assets of RON 74.35 billion (EUR 15.9 billion) at the end of 2018 and a market share of 16.48 percent. The second-largest bank in Romania, BCR, ...

Finance Ministry accesses EUR 90 million loans from IBRD for emergency risk mitigation

Monday, July 15, 2019

Representatives of the Ministry of Public Finance (MFP) and of the International Bank for Reconstruction and Development (IBRD) signed on Wednesday two loan agreements worth a total of 90 million euro aimed at mitigating risks in emergency situations, informs MFP.The first agreement, amounting to 50 million euro, targets the Improving Resilience and Emergency Response Project and the second, worth 40 million euro, the Infrastructure Consolidation and Emergency ...

Romania borrows EUR 5 bln from foreign markets since the beginning of the year

Monday, July 15, 2019

The Romanian Ministry of Finance borrowed EUR 2 billion on July 9, on its second exit on international financial markets this year, after in March it borrowed a record of EUR 3 billion in three ...

European Investment Bank finances new campus of Polytechnic University of Bucharest with 25 million euros

Monday, July 15, 2019

The European Investment Bank (EIB) approved a loan of 25 million euros for the Polytechnic University of Bucharest (UPB), to increase quality, efficiency of the teaching, learning and research processes at one of the top educational institutions in Romania, reads a release of the EIB.The loan will be used to finance the rearrangement of the UPB campus, with a new building to be made to host the three faculties located now in the Polizu complex. The objective is to ...

National gov't arrears drop by 12.27pct, Jan.-May, 2019

Monday, July 15, 2019

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Romania's national government arrears decreased by 12.27pct in the first five months of 2019, from 192.62 million lei in December 2018 to 168.99 million lei in May 2019, according to data posted on the website of the Ministry of Public Finance.Older-then-90-day arrears decreased by 25.86pct, from 73.1 million lei in December 2018 to 54.2 million lei in May 2019.In May, as against the previous month, arrears decreased by 9.52 million lei, from 178.51 ...

Daniel Daianu resigns from central bank board, named member of Fiscal Council

Monday, July 15, 2019

Daniel Daianu has resigned from the position of nonexecutive member of the National Bank of Romania (BNR) board just a few days after he failed to secure another term. Daianu was named a member of the Fiscal Council. “Taking into account the appointment of Mr. Daniel Daianu as a member of the Fiscal Council, we hereby notify you of his withdrawal from the post of non-executive member of the BNR board starting with July 8, 2019,” the central ...

Study:Four out of ten Romanians believe they will save less this year

Monday, July 15, 2019

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Almost 40% of Romanians believe they will save less this year than in 2018, according to a study by Mind the Gap on the evolution of household spending, ...

BNR Board decided to keep the monetary policy rate at 2.50 percent per annum

Monday, July 8, 2019

In its meeting of 4 July 2019, the Board of the National Bank of Romania (BNR) decided: to keep the monetary policy rate at 2.50 percent per annum; to leave unchanged the deposit facility rate at 1.50 percent per annum and the lending facility rate at 3.50 percent per annum; to ...

Mugur Isarescu starts another 5-year term as the head of BNR

Monday, July 8, 2019

Mugur Isarescu, currently the longest serving central bank governor in the world, has secured another 5-year term at the head of Romania’s central bank as it won the support of the ruling governing alliance and of opposition parties. The Romanian Parliament has approved on Wednesday the new members of the executive board of the central bank (BNR). Isarescu, aged 70, is ending in October 2019 his current 5-year term at the head of the central bank ...

Government’s upcoming fiscal amnesty enrages honest taxpayers

Monday, July 8, 2019

The fiscal amnesty announced again in June by the Finance minister Eugen Teodorovici is causing discontent in the private sector, as many small business owners disagree with the government’s decision.  Although the Finance minister has spoken about the fiscal amnesty on several occasions this year, it is ...

FinMin Teodorovici : Govt. “is missing” some 0.7% of GDP to fill budget gap

Monday, July 8, 2019

The budget “is missing RON 7 billion (EUR 1.5 billion, or some 0.7% of GDP), which the Government has to find in order to cover the deficit”, Finance Minister Eugen Teodorovici announced at the meeting of the senior ruling Socialist Party (PSD) on July 3, quoted ...

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