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Financial & Banking

EGLD digital currency, launched by Sibiu residents from Elrond, reached a capitalization of 1 billion dollars

Monday, February 1, 2021

The capitalization of EGLD, a cryptocurrency launched by Romanian startup Elrond, reached USD 1 billion - prompting headlines about the second Romanian unicorn (after the robotic process automation, or RPA, leader ...

Romanians invest over 955 million RON during first issue of Tezaur government bonds in 2021

Monday, February 1, 2021

Romanians have invested over 955 million RON during the first issue of Tezaur government bonds launched by the Ministry of Finance, of which 850,425,746 RON through the operating units of the State Treasury and 104,853,554 RON through the official postage network of the Romanian Post National Company.According to a press release sent on Friday, this represents the highest subscribed monthly value by investors within a Tezaur issue. Thus, the first issue of ...

Romanians abroad send an average of EUR 500 per month back home

Monday, February 1, 2021

A Romanian working abroad sends, on average, EUR 500 per month back home, representing about a quarter of the money he earns in a month, according to data from TransferGo, an international online money transfer company.   "This value is quite high, given that the income of a Romanian working in the UK or Spain, for example, is about EUR 2,000. Basically, the amount sent to the country represents a quarter of the money he ...

The Authority for Financial Supervision published The Strategy 2021-2023

Monday, January 25, 2021

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The Authority for Financial Supervision (ASF) has launched The Strategy for the period 2021-2023, document which was drawn up in accordance with the new context generated by the pandemics Covid-19, announced the institution on Wednesday.‘The strategic objectives for the mentioned interval were re-analysed and updated, in correlation to the most recent policies adopted at European level: the new Plan for Action for the Union of Capital ...

Study: the percentage of Romanians who withdraw cash from ATMs was reduced by 30 points against five years ago

Monday, January 25, 2021

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The percentage of people who withdraw cash from ATMs was reduced by 30 percentage points against five years ago, and two out of three Romanians (67%) use banking products and services of any kind, such as current accounts,cards, loans,deposits and payments,according to a study made by the Romanian Institute for Evaluation and Strategies (IRES) and commissioned by the Romanian Association of ...

ASF: Overall transaction value on BVB and SMT markets reached 12.69 billion lei in first 9 months of 2020

Monday, January 25, 2021

The total transaction value on BVB and SMT markets reached 12.69 billion lei in the first 9 months of 2020, on the rise by 56.27% compared to the same period of 2019, while the number of transactions made at BVB grew by 69.14% in the reference period, according to data released on Thursday by the Authority of Fiscal Supervision (ASF).   On September 30, 2020, stock exchange capitalization reached 134.6 ...

Study: Romanians’ expectations for the banking sector in 2021

Monday, January 25, 2021

After a year full of uncertainties, defined by rapid changes and immediate adaptation, it is important to look at how institutions manage to continue to meet the needs and expectations of their customers.   Thus, Reveal Marketing Research conducted a study on Romanians’ expectations regarding banks in the current context, at the beginning of 2021. As we move more and more in the online environment, and efficiency ...

Massachusetts Mutual Life insurance company enters Romania with offices in Bucharest and Cluj-Napoca

Monday, January 25, 2021

Leading U.S. life insurer Massachusetts Mutual Life Insurance Company (MassMutual) announced the opening of two MassMutual Global Business Service ...

BNR recommends local banks to defer dividend payments

Monday, January 25, 2021

Romania's National Bank (BNR) recommended commercial banks to refrain from distributing dividends to their shareholders until the end of the third quarter this year. The banks should consult the monetary authority if they eventually decide to go ahead with paying dividends.   As a general guideline, the commercial banks should not consider a dividend payout ratio of ...

Deloitte: The state can collect annually 1 billion euros more from VAT through electronic reporting to ANAF

Monday, January 25, 2021

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Romania can collect an additional EUR 1 billion (nearly 0.5% of GDP) worth of VAT per year after the SAF-T system becomes operational, according to Vlad Boeriu, coordinating partner for tax and legal services at Deloitte Romania.SAF-T is a new system through which taxpayers send electronic reports to the National Agency for Fiscal Administration (ANAF).   "[SAF-T] would mean an increase in VAT collection ...

Mandatory pension funds’s assets rise by 21% in 2020

Monday, January 25, 2021

The seven mandatory private pension funds (Pillar II) in Romania ended 2020 with total net assets worth RON 75.14 billion (EUR 15.7 bln), 21% higher than one year earlier. The latest data published by the Financial Supervisory Authority (FSA), in the first weekly report of 2021, show that Pillar II funds recorded in December their ninth consecutive month of growth.   NN's mandatory pension fund remains ...

National Bank of Romania Board decisions on monetary policy

Monday, January 18, 2021

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In its meeting of 15 January 2021, the Board of the National Bank of Romania decided the following: to cut the monetary policy rate to 1.25 percent per annum from 1.50 percent per annum starting 18 January 2021; to lower the deposit facility rate to 0.75 percent per annum from 1.00 percent per annum and the lending (Lombard) facility rate ...

Press release on the new operating regime for the United Kingdom (including Gibraltar) entities providing banking, payment and electronic money services in Romania

Monday, January 18, 2021

National Bank of Romania informs that as of January 1, 2021, entities from the United Kingdom (including those authorized in Gibraltar) that provided in Romania banking, payment and electronic money services, through branches/agents/distributors or directly, no longer benefit from the single passport regime under the authorization of the competent authority of origin in the United ...

Balance of payments and external debt – November 2020

Monday, January 18, 2021

National Bank of Romania informs that in January - November 2020p, the balance-of-payments current account posted a deficit of EUR 9,763 million, compared with EUR 9,655 million in the same year-ago period. The deficit on trade in goods widened by EUR 1,096 million, the surplus on services increased by EUR 815 million, the primary income balance saw its deficit expand by EUR 333 million, and the surplus of the secondary income balance rose by EUR 506 ...

CEO Garanti BBVA Romania: There is only one way in banking, the digital way

Monday, January 18, 2021

Ufuk Tandogan, CEO Garanti BBVA Romania explains for http://business-review.eu/ the importance of the digitalization process for both the bank he manages and the entire local banking system and highlights the main achievements of the lender in this ...

Fondul Proprietatea not to dissolve before 2031

Monday, January 18, 2021

The shareholders of Romania's biggest investment fund, Fondul Proprietatea (FP), voted to extend the fund's life until 2031, with an option for the general shareholders' meeting to approve extension periods of five years afterward.   Created in 2005 to compensate the people whose properties had been confiscated by the communist regime, Fondul Proprietatea received ...

ING Bank Romania a has new chief economist

Monday, January 18, 2021

Valentin Tataru has been appointed chief economist of ING Bank Romania as of this month. Valentin joined ING Romania in 2007.   He has worked for 10 years within the treasury department, managing the bank’s liquidity and transactions on the interbank monetary market. He was named economist within the economic research department in 2018, covering the macroeconomic analysis of several countries (Romania, Bulgaria, ...

Societe Generale’s service centre in Romania becomes Global Solution Centre

Monday, January 18, 2021

Ten years after its establishment in Romania, Societe Generale European Business Services (Societe Generale EBS) becomes Societe Generale Global Solution Centre. ‘European Business Services’ was more than a name; it was a statement of the company’s positioning as a valuable partner for Societe Generale Group in its European operations and a vote of trust for its expertise and potential.   Year by year, the ...

Competition Council fines 16 local leasing companies

Monday, January 18, 2021

Competition Council slapped fines totaling RON 41.25 (EUR 8.47 million) on the Association of Romanian Financial Companies - ALB and its 16 member companies, for having violated the competition law.   ALB and its members participated in an exchange of commercially sensitive information, according to the competition watchdog. One of the ALB members helped the investigation in exchange for a softer ...

Head of licensing financial markets regulator ASF, fired for irregularities

Monday, January 18, 2021

Romania's financial markets regulator ASF employees may have deliberately included serious errors in official documents presented to the Board. There are suspicions that those errors were aimed at helping the supervised entities targeted by those documents to challenge decisions that would have otherwise impacted ...

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