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Financial & Banking

Analysts expect Romania’s currency to remain strong

Monday, September 9, 2019

Romania’s currency (RON) will depreciate by 1.6% against the European single currency (EUR) over the next 12 months, according to a Reuters poll among analysts, quoted ...

Visegrad Four, Croatia, Romania, Slovenia to launch joint CEEplus share index

Monday, September 9, 2019

The stock exchanges of the Visegrad Group of countries (Poland, the Czech Republic, Slovakia, Hungary), Croatia, Romania and Slovenia plan to launch a new Three Seas region exchange index, CEEplus, in order to boost their attractiveness and to make their voice stronger across debates concerning EU capital markets, the Budapest bourse said quoted by seenews.com The index portfolio will include the largest and most liquid stocks listed on the exchanges ...

Romania records largest VAT collection gap of all EU countries

Monday, September 9, 2019

Romania lost EUR 6.41 billion in 2017 in uncollected Value-Added Tax (VAT) revenues, the largest share of all EU member states, according to a study released on Thursday by the European Commission. The “VAT gap”is the overall difference between the expected VAT revenue and the amount actually collected by each country. Romania recorded the largest national VAT Gap with 36 percent of VAT revenues going missing in ...

FDI stock in Romania approaches EUR 84 bln

Monday, September 9, 2019

The stock of foreign direct investment (FDI) in Romania rose by EUR 5.5 billion during the last year up to EUR 83.8 billion, while investment of local investors abroad remains at a modest level. Official data show foreign investors made total direct investment of EUR 83.8 billion Romania until the end of June 2019, an all-time high, up 7 percent (EUR 5.5 billion) against June 2018. At the end of 2017, the main countries of ...

Insurance market up 7.8 pct in H1 2019 to RON 5.4 bln

Monday, September 9, 2019


The Romanian insurance market rose by 7.8 percent in the first half of this year to RON 5.4 billion (EUR 1.1 billion), but remains dominated by car insurances, Financial Supervisory Authority (ASF) data show. Compulsory car insurance (RCA) accounts for 57 percent of the insurance market in H1 2019, according to ASF. The life insurance segment rose by 4.6 percent in H1, up to RON 1.12 billion. The biggest increase was registered ...

IMF: Romania’s fiscal deficit to reach 8 pct of GDP by 2022 if the new pension law is implemented

Monday, September 9, 2019

The new pension law could double Romania’s already sizable fiscal deficit, which could reach 8 percent of GDP by 2022, and raise external financing needs to excessive levels if it will be implemented as is without offsetting policy measures, International Monetary Fund (IMF) experts warn. For 2019, IMF estimates a fiscal deficit of 3.7 percent of GDP in Romania. The government has enacted a new law that will double the ...

Patria Bank posts net profit of RON 2.8 million, issues new loans worth RON 342 million in S1 2019

Monday, September 9, 2019

The first half of 2019 was profitable for Patria Bank, as envisioned in its strategic objectives for the year, with a RON 2.8 million net profit confirming the positive trend recorded in Q4 2018 ...

Franklin Templeton's Romania CEO: Time Gov't was genuinely concerned to develop country's capital market

Monday, September 9, 2019


The government should be genuinely concerned to develop the country's capital market, and the listing of state-owned companies such as Hidroelectrica and Bucharest Airports could significantly contribute to Romania's promotion to emerging market status, says Johan Meyer, Franklin Templeton Investments CEO and Fondul Proprietatea portfolio manager.We are pleased to see that investor interest in the local capital market has remained strong, despite the last two ...

Competition Council analyzes transaction by which Eximbank takes over Banca Romaneasca

Monday, September 9, 2019

The Competition Council announced on Tuesday that it would analyze the operation by which the state controlled Eximbank will take over Banca Romaneasca by the purchase of 99.28% of its social capital. Eximbank, set up in 1992, has the Romanian state as majority shareholder, through the Ministry of Public Finance, which owns 95.374% of the social capital. Eximbank operates both on behalf of the state and its own behalf, offering financing, co-financing, ...

The two Uniqa companies reported in Q1 a cumulated profile of 1.71 million euro in Romania

Monday, September 9, 2019


The Uniqa Asigurari and Uniqa Asigurari pe viata announced on last Monday that they registered in Q1 a cumulated profile of 1.71 million euro in Romania and in total, they closed the first part of the year with gross subscribed premiums at the level of 48.6 million euro.  ‘In total, the two Uniqa companies closed the first quarter of 2019 with gross subscribed premiums at the level of 48.6 million euro. The main contributors were the ...

Standard&Poor’s reconfirmed the country rate for Romania at BBB- and stable perspective

Monday, September 2, 2019


The rating agency Standard&Poor’s reconfirmed the stable perspective of the Romanian economy and the grade BBB-/A-3 for the long-term and short term debt in foreign currency and in the local currency, informs the ministry of finances. Among the factors which support the decision of the agency are the level of the governmental public debt and the foreign public debt, as well as the economic growth of the last years. Referring to the estimates for economic growth the ...

Arrears to aggregate national budget, down 5.5pct at end-July 2019

Monday, September 2, 2019

Arrears to the aggregate national budget decreased by 5.5pct in the first seven months of 2019, from 192.62 million lei in December 2018, to 182.08 million lei in July 2019, according to data published on the website of the Ministry of Public Finance.Arrears older than 90 days decreased by 15.32pct in the first seven months, from 73.1 million lei in December 2018, to 61.9 million lei in July 2019.In July, compared with the previous month, when they totalled 180.47 ...

IMF recommends Romania to take advantage of strong growth and start durable fiscal consolidation

Monday, September 2, 2019

 The International Monetary Fund (IMF) recommends the Romanian authorities to start a durable fiscal consolidation, underpinned by high-quality measures to rein in the twin deficits and improve the macroeconomic policy mix, modernize revenue administration and improve expenditure efficiency, reassess the new pension law to balance social needs and fiscal sustainability, reads the IMF staff report for the 2019 article IV consultation.According to the IMF experts, the economic ...

Alpha Bank Romania posts EUR 9.9 mln gross profit in H1 2019

Monday, September 2, 2019

Alpha Bank Romania, the local subsidiary of Greece’s Alpha financial group, gas registered a gross profit of EUR 9.9 million in the first half of this year, down 37 percent against H1 2018, as operating expenses rose faster than revenues. Operating revenues increased by 6.6 percent, to EUR 68.7 million, while operating expenses advanced by 9.7 percent to EUR 52.7 million, “mainly as a result of the increase in the contribution to the Bank Deposit Guarantee Fund, as well ...

Report: Romania and Serbia, the first markets in the region in which digital banking usage is more likely to take place solely via mobile

Monday, September 2, 2019

Romania and Serbia are the first CEE markets in which digital banking usage is more likely to take place solely via mobile than exclusively on a PC or Mac, according to a Erste Bank Group report. However, even in these countries, the largest single segment is likely to use both their mobile and their PC/Mac for digital banking. “On average, six out ten CEE banking customers make regular use of digital banking channels, with Serbia and Croatia being exceptions on the low ...

Costi Stratnic is the new Vice-President of the OMNIASIG Directorship

Monday, September 2, 2019

The Financial Supervisory Authority (ASF) has Okayed the latest change in the structure of the OMNIASIG Vienna Insuran Group directorship, namely the appointment of Costi Stratnic as vice-president of the OMNIASIG directorship on August 27. Knowing Costi ...

Cash money in Romania doubled in 5 years suggesting “money under the mattress” phenomenon

Monday, September 2, 2019


The value of cash money in Romania doubled during the last five years, over pacing the growth rate of bank accounts and of spending, suggesting a spreading “money under the mattress” phenomenon that could be associated with lack of trust in banks, poor access to bank services and rising informal economy. Business Review’s calculations based on central bank data show that “currency in circulation”, defining in bankers’ slang the value of cash money, ...

Romanians households prefer holding their savings in foreign currency

Monday, September 2, 2019

The stock of deposits held by Romanian residents in local banks at the end of July 2019 increased by 8.8% (4.5% in real terms) in year on year terms, to a total of RON 337.8 billion (RON 71.4 bln), as the volume of savings in local currency increased by 6.8%, to RON 220 bln, while the foreign currency savings advanced by 13%, to RON 117 bln, according to data from the National Bank of Romania (BNR). Firstly, the stock of deposits visibly exceeds the volume of loans extended by local ...

VIG posts EUR 2.4 ml H1 profit before tax for its Romanian business

Monday, September 2, 2019

Austria's Vienna Insurance Group (VIG) reported a H1 profit before tax of 2.4 million euro for its Romanian business, in a rebound from the 43.1 million euro loss registered in the same period of the year before, the company said in a release.The insurer reported 234.9 million euro worth of gross underwritten premiums in H1 in Romania, 13.9 percent less ...

BNR sanctioned 4 local banks in 2019

Monday, September 2, 2019

The National Bank of Romania (BNR) has sanctioned four banks this year with written warning and fine for failing to meet prudential requirements or inappropriate reporting, BNR data show. The four banks are Credit Europe Bank, BCR Banca pentru Locuinte, Banca Comerciala Feroviara and Bank Leumi Romania. Credit Europe Bank and Banca Comerciala Feroviara were sanctioned in March and July, respectively, with written warning for failing to meet prudential requirements, while BCR ...

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