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Financial & Banking

Third quarter of 2018: EU28 current account surplus €38.7 bn - €49.3 bn surplus for trade in services

Monday, January 21, 2019

The EU28 seasonally adjusted current account of the balance of payments recorded a surplus of €38.7 billion (1.0% of GDP) in the third quarter of 2018, down from a surplus of €59.9 billion (1.5% of GDP) in the second quarter of 2018 and from a surplus of €60.4 billion (1.6% of GDP) in the third quarter of 2017, according to estimates released by Eurostat, the statistical office of the European Union. In the third quarter of 2018 compared ...

Romania reportedly negotiates “important” external loan

Monday, January 21, 2019

Romania’s Government is currently negotiating for an “important” external loan, opposition MP Florin Citu announced quoting unofficial sources. Citu, an influential member of the opposition National Liberal Party (PNL), asked finance minister Eugen Teodorovici to disclose the details of the negotiations. He added that the public debt service increased by EUR 3 billion in 2018 and is projected to increase it by ...

EBRD appoints Mark Davis as new regional director for Romania, Bulgaria

Monday, January 21, 2019

Mark Davis has been appointed the new European Bank for Reconstruction and Development (EBRD) Regional Director for Romania and Bulgaria and will assume his new role in Bucharest on 1 April 2019. Mr Davis follows Matteo Patrone who has become Managing Director for Eastern Europe and the Caucasus. In his new position as Regional Director for Romania and Bulgaria, Mr Davis will lead EBRD operations in the two countries and help boost their economies ...

Current account deficit up to EUR 8.7bn in 11 months, FDI up to EUR 4.8bn

Monday, January 21, 2019

In January – November 2018, the balance-of-payments current account posted a deficit of EUR 8,730 million, compared with EUR 5,468 million in January – November 2017. The deficit on trade in goods widened by EUR 2,535 million, the surplus on services income narrowed by EUR 169 million. The deficit of the primary income balance increased by EUR 260 million, and the surplus of the secondary income balance decreased by EUR 298 million, a release posted on the ...

Annual inflation rate down to 3.3% in December

Monday, January 21, 2019

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The annual inflation rate has slightly decreased to 3.3% in December 2018, down from 3.4% in the previous month, the National Statistics Institute (INS) informs. Thus, the indicator is below the forecast of the National Bank of Romania (BNR) for 2018, of 3.5%. In December 2018, as compared to December 2017, the foodstuff prices increased by 3.1%, the prices of non-food goods by 3.75% and of the services by 2.44%, the same source ...

Isarescu about ROBOR-based tax on bank assets:“Nonsense”, “bomb”, “innovation”

Monday, January 14, 2019

National Bank of Romania (BNR) governor Mugur Isarescu held a press conference on last Monday to talk about the government’s Emergency Ordinance 114, which aims to tax banks’ assets at levels based on the evolution of the ROBOR rate. Isarescu had a clear negative reaction to the idea, calling it either nonsense, a “hard to comprehend bomb”, or ironically saying it was an “innovation” in finance. Linking ROBOR to the ...

Vasilescu: the  banks brought 4 billion euro to Romania during the crisis. They did not need money from the state

Monday, January 14, 2019

Adrian Vasilescu, adviser of the governor of the  National Bank of Romania (BNR) Mugur Isarescu stated on Saturday in  a show,that the banks brought 4 billion euro to Romania,during the crisis, and they did not need money from the Romanian state. ‘In Romania,not a single leu was taken from somebody’s pocket, brought to the budget to save a bank. Everytime the banks  were in danger, the National Bank had one way to act: called ...

BNR Board decisions on monetary policy

Monday, January 14, 2019

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In its meeting of 8 January 2019, the Board of the National Bank of Romania (BNR) decided the following: 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 maintain the existing levels of minimum ...

BNR's International reserves – December 2018

Monday, January 14, 2019

On 31 December 2018, the National Bank of Romania’s foreign exchange reserves stood at EUR 33,065 million, compared to EUR 32,531 million on 30 November 2018. During the month, the following flows were recorded: EUR 1,640 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, inflows into the Ministry of Public Finance’s accounts ...

Banks in Romania that are “too big to fail”

Monday, January 14, 2019

The National Bank of Romania (BNR) has revised last year the list of 9 systemic importance banks, replacing Bancpost, acquired by Banca Transilvania, with the local subsidiary of Hungary’s OTP. The systemic importance banks are required to have additional mandatory capital since January 1, 2019. The list was revised on September 24, 2018, in a meeting of the National Committee of Macroprudential Surveillance, a body headed by BNR governor Mugur ...

WB: Emerging, Developing Economies Should Rebuild Policy Buffers, Boost Productivity to Sustain Growth

Monday, January 14, 2019

Global economic growth is projected to soften from a downwardly revised 3 percent in 2018 to 2.9 percent in 2019 amid rising downside risks to the outlook, the World Bank said on Tuesday. International trade and manufacturing activity have softened, trade tensions remain elevated, and some large emerging markets have experienced substantial financial market pressures. Growth among advanced economies is forecast to drop to 2 percent this year, the ...

Fitch affirms Bucharest municipality ratings at 'BBB-' with stable outlook

Monday, January 14, 2019

Fitch Ratings on Friday affirmed the Romanian City of Bucharest's Long-Term Local- and Foreign-Currency Issuer Default Ratings (IDRs) at 'BBB-' with stable outlook, according to a release of this financial rating agency.Moreover, the rating agency also affirmed the Short-Term Foreign-Currency IDR at 'F3'."The affirmation reflects Bucharest's continuing sound operating performance, moderate debt levels relative to the city's operating balance and ...

Romanian banks and financial institutions to have access to EUR 350 mln EBRD bond market programme in 2019

Monday, January 14, 2019

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The European Bank for Reconstruction and Development (EBRD), a major lender in Romania, will launch this year a new programme of EUR 350 million to support the bond market in the country, which will target commercial banks and non-bank financial institutions, according to an announcement of the international institution. “The EBRD is considering the approval of Romania – Bond Market Framework II (the “Framework”), for the Bank ...

Pillar II Private Pension Funds Had Assets RON48.1B End-November

Monday, January 14, 2019

Net assets of mandatory private pension funds in Romania (Pillar II) stood at RON48.1 billion at the end of November 29018, up 23% on the year, according to financial watchdog data. The biggest market share was held by NN (35.6%), followed by AZT Viitorul Tau (21.6%), and Metropolitan Life (14%), data from the Financial Supervisory Authority showed. The nine funds on the market had 7.2 million contributors in total at the end of ...

139 amendments to Fiscal Code and 236 new fiscal provisions in 2018

Monday, January 7, 2019

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In 11 months and a half, 139 amendments were made to the Fiscal Code and 236 new fiscal provisions appeared, fiscal instability leading to fewer investments, fewer new companies set up, as well as the increase of suspensions, dissolutions and insolvencies, according to the National Council of Private Small and Medium Enterprises in Romania (CNIPMMR). Since the beginning of the year to December 17, the legislative frame was modified by 862 laws and ...

IMF: Recent changes that affect the financial system to curtail loans for population

Monday, January 7, 2019

The recently passed laws in the Parliament that bring modifications to the financial system will result in curtailing the loans given to the real economy and will negatively affect the financial stability, Alejandro Hajdenberg, the resident representative of the International Monetary Funds for Romania and Bulgaria, according to Agerpres. Hajdenberg said that the IMF has warned the Romania authorities on this aspect in the last report released on the ...

Non-government loans in Nov. advance 0.4pct; RON-denominated lei expand 0.6pct

Monday, January 7, 2019

At end-November 2018, non-government loans granted by credit institutions advanced 0.4 percent (0.6 percent in real terms) from October 2018 to RON 250,711.2 million, reads a National Bank of Romania (BNR) release .RON-denominated loans expanded 0.6 percent (0.8 percent in real terms), whereas foreign currency-denominated loans added RON 28.2 million when expressed in RON (0.3 percent when expressed in EUR). At end-November 2018, non-government ...

Deposits of non-government resident customers go up 2.2 percent in November

Monday, January 7, 2019

Deposits of non-government resident customers went up 2.2 percent month on month to RON 324,465.8 million in November 2018, the National Bank of Romania (BNR) informs in a press release.At end-November 2018, deposits of non-government resident customers grew by 10.9 percent (7.2 percent in real terms) over the same year-ago period.RON-denominated household deposits moved up 2.0 percent to RON 118,644.0 million. At end-November 2018, household deposits ...

Banks in Romania, less efficient than those in Bulgaria, ECB report says

Monday, January 7, 2019

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The banks in Bulgaria have exploitation efficiency by 22% higher than those in Romania and an operational efficiency by 32% higher, whereas the Romanian banks are more efficient by 17% than those in Hungary and by 16% more operationally efficient, an European Central Bank (ECB) report, quoted by the National Bank of Romania, reds. In Romania, the efficiency in exploitation of the 35 banks, assessed on the basis of the ratio between operational cost and ...

Banking community warns about the consequences of the ‘second fiscal revolution’

Monday, January 7, 2019

The Romanian Association of Banks (ARB) and the Banking Employers Council in Romania (CPBR) have sent an ‘open letter’ regarding the negative consequences generated by the second fiscal revolution, by implementing new taxes on the banking assets and by approving a package of laws, so that the ‘bomb’ will affect everybody. The financial system believes that these legislative initiatives on new taxes and the approval of ...

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